GBP/USD: Imminent break above $1.2540? [Video]
![GBP/USD: Imminent break above $1.2540? [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-170160529_XtraLarge.jpg)
GBP/USD
In a session where the US dollar came under broad pressure, Cable managed to add less than +10 pips with a small bodied (“spinning top”) candlestick. The resistance between $1.2530/$1.2540 remains a key near term barrier. A fourth small bodied, candle in a row suggests that the market is lacking conviction under this resistance. Although the price is still edging with a slight positive bias, momentum indicators reflect a growing consolidation, with RSI stuck in the low 50s and MACD lines flattening at zero. The hourly chart shows indicators settling down in the last couple of sessions, although a mild bias towards buying into weakness will sustain whilst the support between $1.2435/$1.2450 holds. There is little real indication that there is about to be an imminent break above $1.2540 but this would be a near term game changer, opening $1.2685 as next resistance and the highs of the medium term trading band once more.
Author

Richard Perry
Independent Analyst


















