GBPUSD consolidating after a rally

The British pound has been trading flat since late March. Prices are caught within the range of 1.2485 and 1.2277.

A breakout from this channel is likely to occur in the near term.

Given the upside bias prior to this range, we expect a breakout above this level for the gains to continue.

The price level at 1.2858 level will be the next target in question.

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