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The British pound sterling recovered from the losses in the week before, by closing last week with gains.
Price action remains flat both on the weekly charts as well as on the 4-hour chart time frame.
Trading within the 1.3000 and the 1.2750 levels, a breakout is likely to occur in the medium term.
The flat price action reflects a number of underlying factors including the uncertain outlook of the economy and the Brexit trade talks.
In the short term, the cable is likely to maintain this range. A breakout from the range is likely to coincide with some major fundamentals driving price action.
To the downside, a close below 1.2750 will open the way for price to test 1.2516.
To the upside, above 1.3000, we expect the resistance level at 1.3122 to hold.
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