Cable is struggling to discover a new path after breaking a key resistance stage.

Which method will GBP/USD go?

Try this 4-hour chart!

GBP/USD 4-hour Foreign exchange Chart by TradingView

Cable has had a great couple of weeks, rising from its 1.1820 March lows to commerce at its present 1.2490 ranges.

The truth is, GBP/USD’s uptrend has taken the pair previous the 1.2450 resistance that led to 600-pip downswings again in December and in early 2023.

Now that GBP/USD has handed the resistance, is it able to make new 2023 highs?

April’s vary is giving “not so quick” vibes.

Watch the 1.2525 short-term vary resistance intently to see if it will maintain for one more day.

A rejection on the stage opens GBP to a transfer again to the 1.2425 mid-range zone or the 1.2350 vary assist stage close to the 4-hour chart’s 200 SMA. We may even see GBP/USD return to its multi-month vary!

However what if GBP/USD breaks above April’s vary resistance?

A transparent break above the vary may push GBP/USD again to the 1.2600 or 1.2650 earlier inflection factors.

Whichever path you select to commerce, be sure to have buying and selling plans prepared and to follow your finest danger administration strikes!