GBP/USD Is Consolidating Sideways

GBP/USD has been consolidating sideways between 1.3170 – 1.3220 since yesterday. Prior to that the pair was quite bullish, but whether or not it will break out above the resistance at 1.3220 and reach its closest target at 1.3250, which is the (MA)89 indicator on the four-hour time-frame, largely depends on the major fundamentals coming out of the US later today. Should the news push the pair to the upside it will probably not only reach that indicator but also break out above it, continuing its move to the upside towards 1.3360. On the other hand, if GBP/USD breaks out below the consolidation instead, it will probably retrace back towards 1.3070, which is the (MA)89 indicator on the daily time-frame.