GBPUSD : Weekly Setup

GBPUSD has confirmed break out of the daily chart rectangle .Conservative traders would most likely wait for price to retest the rectangle consolidation block before entering a possible long position. Retest of the rectangle is most likely to occur were the trendline and the consolidation block meets.

Two possible profit targets would be resistance level at 1.33000 & support level at 1.37840 to turn into resistance . The latter would be a long term trade that I recommend a low lot size be used.

The break of the neckline at 1.25200 is another indication that price moves strongly upwards.