GBP/USD

Sterling has been the steadier of the two dollar majors this month, holding a tight 1.3480–1.3570 range while gilt yields stayed anchored. The pair is effectively trading the US calendar rather than any domestic story, and the last three sessions have produced progressively smaller candles — a compression that usually resolves violently.

Every oscillator on the hourly and four-hour charts currently reads sell or strong sell, which drags the composite signal down even though price action is flat. Our medium-term path stays gently positive on the assumption that 1.3480 support survives; below it, the model would rotate to a 1.3320 target.