From the bottom of 7 August formed the upward channel, in which “Cable” moves. Currently, the lower limit of the channel is located at 1.5667 and right now price moving in that direction. The movement of GBPUSD below 1.5667 level will indicate breakout of upward channel and return to the interior of consolidation. Rebound of this level will begin a new upward.
Last week I pointed out consolidation, which the GBPUSD broke up on Monday. However, yesterday there was a return movement that could mean a re-test of the consolidation or a false breakout and return to its interior.
