Not much is happening this week that will cause the UK currency to break its range-bound trading. Time to get technical?

The GBP/USD pair is moving sideways on Thursday, keeping its exchange rate hovering near the $1.25 mark. There haven’t been any good or bad economic reports to stir the currency market over the past few days, opening up a time slot for the technical gurus to showcase their craft.

Technically speaking, the sterling has been in consolidation mode since it climbed above $1.24 on April 5. Zig-zagging is what we’ve seen this month, as bulls and bears are unable to cast a clear winner and break out of the range. Long-term moving averages indicate the currency pair is in a bullish trend.

Down the line (pun intended), the British pound may be even less vigorous on Monday when the UK will be taking a break from the markets. The US dollar, on the other hand, will be looking into an interest rate decision on Wednesday and sharp spikes are to be expected.