GBP/USD technical analysis: Not so bearish and not so bullish while near 1.2700 handle

• The US Producer Price Index ex Food & Energy (YoY) for May came in line with expectations at 2.3%. 
• Earlier in the London session, the Claimant Count Change in May came in at 23.2K vs. 22.9K sending GBP slightly down. 
• The ranging theme is for now intact.

GBP/USD daily chart

GBP/USD is consolidating the steep bear run seen in May. The recovery attempt is currently capped at 1.2750 resistance.

GBP/USD 4-hour chart

Cable is trading near 1.2700 and above its 50 and 100 SMA suggesting a stabilization in the medium term.

GBP/USD 30-minute chart

The range theme remains intact as Cable is trading between the 1.2650 and 1.2750 level. Bulls need a breakout beyond 1.2750 to reach 1.2800 while bears want a breakdown below 1.2650 to get to 1.2600 figure.

Additional key levels