The GBP/USD is boxed

The GBP/USD is boxed between the 1.3300 level and the 1.3400 level as shown on the daily chart. The bearish trend on the GBP/USD has been kept from the high at the 1.4300 zone, but since it got to the 1.3200 level, the pair has been correcting to the upside. From the current congestion area the GBP/USD may head in any direction, but the death cross at the 1.3600 level is indicating a possible continuation of the bearish trend. The death cross is formed when the 55 day EMA (purple line) crosses below the 200 day EMA (blue line). The pattern is showing us that the pair may continue lower in the mid-term. In case of a bearish bounce, the 1.3200 level may act as support. To the upside, the 1.3500 level and the 1.3600 level may act as resistance.