GBP/USD: the 1.40-41 range still in play ahead of US NFP

• The GBP/USD is bouncing back-and-forth in the 1.40-1.41 range.
• The US Non-Farm Payroll on Friday can unlock the status-quo.

The GBP/USD is trading at 1.4078, up  around 0.15% on Wednesday as traders are maintaining the status-quo on the pair which is trading in a limited range between 1.40 and 1.41.

Tomorrow will see mid-tier data with some job numbers in the United States and the Markit Services PMI in the UK while later at 17:00 GMT, Bostic, a voting member on the FOMC will be delivering a speech.

Earlier in the day, despite a blockbuster US ADP Employment Change report, precursor of the widely awaited Non-Farm Payroll on Friday, the Cable remained unfazed. 

GBP/USD weekly chart

The cable is capped by 1.4268 with the 200-period simple moving average on the weekly chart which act as key resistance. 

GBP/USD daily chart

On the daily chart, the market is being supported at the 1.40 figure by the 50-period simple moving average. The RSI is at 55.19 and the MACD momentum is slowing down. 

GBP/USD 4-hour chart

The GBP/USD is consolidating in an expanding triangle pattern with the price action pinched between the 50-period and 100-period simple moving averages. Neither the bulls nor the bears are taking the lead in the 1.40-1.41 range. At this stage the range can be seen as a correction up from the March 27-30 bear leg. However a clear break above 1.41 resistance can open the gate to 1.42 swing high while a break below the 1.40 support can lead to 1.39 swing low in the short-term.