GBP/USD - The pound is rangebound between £1.26- £1.28. Will it break above £1.28 or move below £1.26?

The pound remains rangebound against the dollar on the daily interval, currently trading at around £1.2656. The range pretty much sits within £1.26-£1.28, which seems likely to continue until we see a break in either direction. A break below £1.26 could then see a move lower towards £1.2500 followed by £1.2450 and maybe even £1.2380. On the other hand, a break above £1.28 could see an extension towards £1.29-£1.30. Looking at the technical indicators, they do not offer much indication and currently sway towards the bearish bias. The MACD is in a slow grind lower and the RSI has just turned negative after the recent US data, reading 43. Perhaps tomorrow’s FOMC decision will offer more guidance for traders going into February.