GBP/USD slow and steady ahead of London markets, 1.4 within reach

• The GBP/USD trades quietly ahead of Powell testimony.
• Brexit deals to be outlined on Friday.

The GBP/USD pair is trading sideways ahead of London, cycling around 1.3965.

With little economic data on the cards for the UK, markets are awaiting volatility following new Fed chairman Jerome Powell's congressional testimony today. Today marks chairman Powell's first major appearance since taking the Fed helm from Janet Yellen, and market participants will be reading between the lines heavily today, looking for clues about the Fed's direction moving forward. Chairman Powell is slated to speak at 15:00 GMT, but the text of his testimony will be available 90 minutes earlier, at 13:30.

After Powell little remains for Sterling news until Friday, when Prime Minister Theresa May will be outlining her plans for the UK post-Brexit. May has come under fire recently from hard-line Brexiteers within her own ruling Conservative party, as May attempts to navigate the murky waters of pulling the UK out of the European Union (EU) in an amicable manner while still retaining the UK's sovereignty to negotiate trade deals outside of EU regulations.

GBP/USD Technicals

The Sterling has given up some ground recently to the US Dollar, but appears to have found some support from the 34 EMA. The pair is being constricted by a sideways triangle on H4 charts, ana breakout could establish a new trend direction moving forward. Support is currently being given from swing lows on the bottom barrier of the triangle at 1.3856 and 1.3764, while the upper bound sees resistance at 1.4070 and 1.4145.