GBP/USD - Bulls to gain an upperhand

FX:GBPUSD   British Pound / U.S. Dollar
41 0 0
Upside breakout from sideways channel

On the hourly chart, the spot has breached the sideways channel, but the gains are being repeatedly capped at 1.5638 (38.2% Fib of June rally). The likelihood of the pair taking out 1.5638 is high today, as the spot jumped from the critical support at 1.5607 (23.6% Fib of Apr-Jun rally). A break above 1.5638 shall open doors for 1.5676, followed by 1.5714 (rising trend line resistance). Meanwhile, a failure to take out 1.5638 could push the spot back to 1.5580.
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