GBPUSD has been trading in a wide range for a few weeks now, between 1.5641 and 1.5461, Which also are the 38.2 and 61.8 Fibonacci lines that act as support and resistance lines. See blue box. On the day chart we can also that price has been forming a triangle, starting late may, outline by the broken black lines. On 28th July price closed above this triangle formation signaling a possible Bull move. I would say price also needs to close above the 38.2 line and above the blue box. Next week could bring some volatility, Monday sees Manufacturing PMI, Tuesday Construction PMI, Wednesday Services PMI and the big day Thursday BoE rate decision meeting and a press conference by Mark Carney. Also important will be BoE inflation report, which may give clues as to how fast rate hikes may happen. Carney has already stated interest rates will go up by year end early next year.

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