This downward sloping and the story of a price it tells is significant because we may see the near-term future of the GBP/USD told here. If resistance is enforced, and we break to new lows than price will fall much lower. The retracement as mentioned earlier is over, and a sell-off in the pair has resumed.
On the other hand, if price breaks through the upper and moves higher we are instead in a broad consolidation that can send GBP/USD to retest the highs of 7/2014.
From a fundamental standpoint, we get UK CPI numbers tomorrow and USD CPI on Thursday. This plus Fed and BOE speak should significantly influence the pair.