GBPUSD waits for a clear breakoutDear traders! GBP/USD consolidates and remains near weekly highs but below 1.2800. Although the pair tested the trend channel support, the pair seems reluctant to break decisively above that level which could push the price to a year-to-date (YTD) high of 1.2894 Amid a cautious market mood, the US Dollar held its ground and did not allow the pair to move higher.
But, looking ahead, the pair still has good technical support as GU is gradually forming a rising wedge with recent steady accumulation. Accordingly, GU's recent confluence around the support line is signaling the pair to break channel resistance. And if that happens the possibility of a breakout will increase, a break of 1.2800 and price consolidation above this area will stimulate strong buying.