GBP/USD Price Analysis: 1.3196 and 1.3312 are levels to watch out for in short-term

• GBP/USD lacks a clear directional bias with prices trapped in the 1.3196-1.3312 range. 
• A close below 1.3196 would imply a reversal lower. 

GBP/USD is currently trading unchanged on the day near 1.3245, having faced rejection above 1.33 twice in the past seven trading days. 

The stalled rally from Nov. 2 lows near 1.2850 will likely resume if the pair ends above 1.3312, invalidating the buyer fatigue signaled by the long upper wick attached to Wednesday's candle. 

Alternatively, a close below 1.3196 would negate the buy-the-dip mentality sentiment signaled by Thursday's long-tailed candle and open the doors to deeper declines. 

The immediate support is located at 1.3105 (Nov. 13 low) followed by the Nov. 2 low of 1.2854. 

Daily chart

Trend: Neutral

Technical levels