Under pressure by 1.3047 (May 18 high) resistance, GBPUSD pulled back from 1.3029, suggesting that consolidation for the uptrend from 1.2589 is underway. Range trading between 1.2900 and 1.3029 would likely be seen in a couple of days. The key support is located at the ascending trend line on its 4-hour chart. As long as the pair is above the trend line, the uptrend could be expected to continue and next target would be at around 1.3200. Only a clear break below the trend line support could signal completion of the uptrend.
