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GBP/USD - Play the breakout

FX:GBPUSD   British Pound/U.S. Dollar
15-min chart pattern - sideways channel - 1.3165-1.3056

At the moment, there is little hint of a bullish/bearish move on charts.

Hence, it is advisable to play the breakout. Above 1.3165 we could go to 1.3315 (23.6% of 1.5019-1.2789). On the other hand, below 1.3056, the spot is likely to test 1.29 levels.

UK preliminary estimate of Q2 GDP is likely to show growth rate ticked higher to 2.1%. But remember, this GDP represents most of the pre-Brexit period. Hence, uptick in GBP may receive little attention from the markets.
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