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GBPUSD Consolidates Near Previous Highs

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The British pound Sterling is consolidating near the previous highs. However, price action is yet to make any significant breakthrough at this level.

The current consolidation near the previous highest comes as the currency pair made a strong rebound off the 1.3678 technical support.

For the moment, the key challenge lies near the 1.3750 level. A strong breakout above this level is needed in order to confirm further upside.

Given the current consolidation, the bias is slightly to the upside. However, the GBPUSD will need to break out strongly above 1.3750 in order to make further gains to the upside.

To the downside, we could continue to see prices consolidating between 1.3750 technical resistance and 1.3678 technical support.

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