The Cable Turns at the Channel: A decisive moment for GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
There has been a 12 month uptrend in the GBPUSD             . Fundamental analysis suggests strong Sterling recovery against the backdrop of a resilient service-sector biased economy.

Since September 2013 the rise has been constrained in a relatively firm channel. That said, July has been a month of cascading prices. Many attribute this to a number of negative reports. Commentators (see the related idea) have also indicated a belief that the Cable has breached a support level which will see it plummet further still, perhaps signalling a reversal.

Given the recent rise at the channel mark the pair is at a decisive point. Will it breach the potential short-term resistance level? the last few hours suggest so. I am relatively confident we will see the Long game pay out in the coming week, especially given recent negative news events focusing on the Dollar.
A closer look at the last few hours of movement as the channel turn-around conflicts with the potential new resistance level:

the prevailing 12 month+ uptrend should defeat this stalling resistance as market pressure builds and spikes.
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