GBP/USD is trading near 1.3333 on the 2-hour chart. After a week stuck between 1.3356 and 1.3407, the pound has slipped below the bottom of that range. Price is now under the faster moving average and resting just above the slower one.

The first support is 1.3295, then 1.3264. The broken 1.3356 floor is now the first resistance, followed by 1.3407.

RSI is near 39, showing mild selling pressure. In my view, the pound has a slight bearish lean below 1.3356, and Wednesday’s Budget could decide the next move. A close below 1.3295 would open 1.3264, while a move back above 1.3356 would favor buyers.