GBP/USD Sideways

The Sterling is close to its 7-month high as the GBP/USD pair has been rallying on technicals and fundamentals combined. On the technical side, the pair registered a low of 1.1920 on Oct 7 and since then it has been trading in the wide range between 1.20 and 1.27. 

The pair had a double bottom at 1.1980 on Jan 16, ever since then it's been swinging for the fences. Latest high was registered a few days ago on April 19 at 1.2902. Current market price is 1.2811 and it appears that the price has consolidated in the last week around 1.28-1.2850. 

Main trend remains strongly bullish and if the bulls manage to go above the resistance line at 1.2950 we might see a renewed momentum to the upside. 

On the other hand, bears might try and use this as an opportunity to push it lower to first bear target at 1.2730.

Chart: GBP/USD H4