GBP/USD has been sitting in a 80 pips range since falling below 1.4000 on Monday
It's been a constant back and forth over the last three trading days for cable, with the high being at 1.3997 and the low at 1.3917. The pair moved higher on Tuesday only to see gains erased in trading yesterday as the dollar surged.
From a technical perspective, the pair still looks to be eyeing the 100-day MA @ 1.3866 but the lows this week near 1.3920 should provide near-term support for the pair as well and expect bids to rest at the figure level at 1.3900 too.
As for the topside, the 1.3980 handle from the 30 January low will be a key one to watch in terms of a daily close while the 1.4000 figure level is where offers are expected.
There isn't any significant option expiries for the pair left in the week near current levels, so movement in the pair will pretty much depend on the ebb and flow - and at this juncture, still very much dependent on the dollar side of the equation.
The key risk event left for sterling on the week is tomorrow's Q1 advanced GDP reading. Expectations is for a slower growth quarter-on-quarter to 0.3% but year-on-year to remain flat at 1.4%.
Other than that there is also BOE governor Carney's speech tomorrow - where he'll be speaking at the launch of the bank's EconoME programme in London.
So, those will be things to look out for as the week winds down.
