GBP / USD continues to consolidate in anticipation of a breakout.
Over the past two months, the GBP / USD pair has been in consolidation mode, and in the near future the pair is showing little signs of going out of the $ 1.367-1.4006 range.
Within this range, we recently saw a decline in the pair, with the 61.8% Fibonacci level providing support on Friday. This highlights the potential for an inverted head and shoulders pattern to come into play during this two month period.
With that in mind, the recent dip is likely to be a harbinger of a breakout. Ultimately, however, we will need a break through $ 1.367 (bearish) or $ 1.4006 (bullish) to bring a more confident breakout signal for the pair.