GBP/USD indecisive ahead of US CPI and UK GDP coming end of the week

The pound is currently trading at around £1.2714 against the US dollar. From a technical outlook, we can see that the forex pair has been pretty rangebound with the main resistance at £1.2828 and the key support at £1.2610. Until there is a clear move through one of those levels, it is a very neutral market right now. There are of course minor support and resistance points within the channel on the 4-hour timeframe. Towards the downside, support sits at £1.2707 and then at £1.2673. Whereas towards the upside, resistance reads £1.2730 then at £1.2744 and then £1.2771. The market is potentially waiting for the release of US CPI data on Thursday and UK GDP data on Friday, perhaps this will provide the nudge for a move in either direction. Looking at the technical indicators, the MACD looks like it’s about to turn neutral/negative and the RSI is already neutral reading 51. In Minipip’s opinion, the risk-reward at this moment in time is poor for either direction as the outlook is blurry.