GBP/USD experienced another day of choppy trading, with both bulls and bears failing to gain control. Resistance at 1.26 has proven too strong for buyers, while sellers have struggled to break through the key 1.25 support. This dynamic has kept the pair stuck between 1.2475 and 1.2627, a range that could persist into the Thanksgiving holiday unless market-moving surprises emerge from the Fed minutes or Wednesday's U.S. data releases.

From a technical perspective, the bearish bias persists as GBP/USD remains below its 10-DMA at 1.2627. Immediate resistance lies at 1.2568 and 1.2616, with further upside capped at 1.2713, the Nov. 20 high. On the downside, support rests at 1.2512, with a critical floor at 1.2475. A break below this level could extend losses toward 1.2400, while a sustained move above 1.2627 might bring bullish momentum back into play.

Fundamentally, sterling is caught in the crossfire of U.S. dollar strength, bolstered by President Trump’s tariff comments and cautious Fed rhetoric suggesting gradual rate cuts. The pair’s movement will likely hinge on upcoming data and geopolitical developments, but without a decisive catalyst, GBP/USD is poised to remain rangebound, frustrating market participants on both sides.