US Advance GDP for July 28 could put the current push of GBPUSD into the top of it's range at the 1.3180 level. Cycle Bottoms tapering higher at 92 and 63 candle intervals tell me the next bottom and resulting accelerating advance should be around August 2 @ 8 AM GMT. Top side cycles at 99 and 67 candles point to 45 being the expected, yet the buy of # 3 was exactly timed to this being an entry. Cycles are proper windows of opportunity where a change in direction is likely to occur. Repetition on cycles merely shows that cycle probability & the resulting volume advance at #3V illustrates how prices decidedly moved higher off of # 3 exactly as timed.
With sell cycles and the upward taper converging upon the buy side levels of pressure, I'd expect that we see some jockeying of positions for a larger break between August 2 and 5th. The direction of the break doesn't concern me in the long term but certainly some bearish dollar sentiment could be taken advantage of in that window.
Currently with # 4VT in our volume analysis we see taper of volumes starting to lead the way to the upside. Deviations of volume/price are significantly stronger to the upside at this point and the duration of each deviation is well into 16 hours - so I see topside target of 1.3180 as first obstacle. To the downside, a break below cycle confirmed trend line would find support around the 1.30 figure which would also show significant signs of range bound movements between the 1.30 and 1.3150 for an extended period of time.
Some Components of this expectation are not drawn on this chart.
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Yesterday was a great start to what should give some pressures Sunday evening to continuing this move higher.