GBPUSD is stuck

If there is any doubt about how stuck the market can get during the summer, check out the GBPUSD pair on the daily chart.  Since June 10 this currency pair has been in a tight range from 1.6200 to 1.6600, that is nearly 3 weeks.  Even in summer quiet trading these currency pairs cannot stay in such a tight range for very long.  I expect there will be a breakout soon, possibly this week since we have the U.S. Non-Farm Payrolls data on Friday, the mother of economic news releases.   Also of interest is the weekly pivot point at 1.6445.  This point has already posed a decent support in early Asia trading on Monday, it is possible that a new base will start building in this area in order to create momentum for a break to the upside.  So is the USD ready to re-engage its recent weakening trend?  The last few weeks the USD has been stuck, trapped against a very important support line on the dollar index chart at 79.00.  Any significant break below this will help to confirm a breakout to the upside for the GBPUSD.  But wouldn’t it be more feasible that the USD will actually strengthen, since it is so weak against the majors currently?  Yes, I understand that the U.S. government is printing money to dig the country out of its economic ditch, which in theory should weaken the currency significantly.  But technically speaking, as a trader I have to think that the dollar is still king, even in this horrid little depression.  So I find it more feasible for the dollar to strengthen over the next several months and continue in this range that it has built on the dollar index chart, as long as it remains above the all important 79.00.  Range trading is most probable until we actually see the break.  Therefore, if this theory is correct, the GBPUSD is more likely to breakout to the downside, possible retesting the 1.5900 level, where the daily 50ema is currently.  Of course, anything can happen.  I hope we get some nice market moves this week..