GBPUSD has failed to break above the 1.2770 resistance level and is currently trading sideways within a range between 1.2673 and 1.2770. In this consolidation phase, several potential scenarios can be considered.
As long as the 1.2673 support level holds, another rise towards the 1.2827 resistance level could be expected. A break above the 1.2770 resistance would confirm this bullish case. If the price manages to surpass the 1.2827 resistance, it would aim for the top of the price channel on the 4-hour chart.
On the downside, a breakdown below the 1.2673 support level could bring the price back towards the 1.2610 support level. If the price continues to decline below 1.2610, it would target the bottom of the price channel.
