The British pound sterling resumed its upside following a brief consolidation earlier IN the week.
Price is now just a few pips away from the key technical resistance of 1.2813. A close above this level will see GBPUSD rising to a four-month high.
But if price fails to breakout higher, then we expect a sideways range to form below 1.2813 and supported above 1.2643.
On a weekly basis, GBPUSD is making higher lows, suggesting that the upside is likely to continue.
But this can only be confirmed if price action can close above the 1.2813 handle.