GBPUSD returns back inside the recent rectangle

From xm.com

GBPUSD bulls’ upside breakout proved short-lived. They managed to record a higher high of 1.2546 on April 14, 2023, but the pair has returned back inside the rectangle that has formed since Nov 21, 2022. This range-trading activity has resulted in a tightening of the Bollinger Bands and a convergence of the 50- and 100-day simple moving averages (SMAs) respectively. Both are usually signals that a sizeable move is on the cards. The momentum indicators could provide some clues on the direction of the next move. With the Average Directional Movement Index (ADX) confirming the trendless nature of GBPUSD, the focus ... (full story)