GBPUSD is testing 1.3229 resistance

[forexcycle]

GBPUSD is testing 1.3229 resistance, a breakout of this level could take price to the key resistance at 1.3337. As long as this level holds, the sideways movement in the trading range between 1.3027 and 1.3337 could be treated as consolidation of the downtrend from 1.3657 (Sep 20 high), and another fall towards 1.2774 support is still possible. Near term support is at 1.3027, a breakdown below this level could signal resumption of the downtrend. On the upside, a breakout of 1.3337 resistance will indicate that lengthier correction for the downtrend from 1.3657 is underway, then further rise to 1.3470 area to complete the correction is possible.