GBP/USD Analysis (July 28)

The Cable has stalled out after a brief attempt above 1,64. For the time being, we consider this move as corrective.
The market is currently testing an ascending trendline on the 4-hour chart. We will watch the 1,6260 level corresponding to the bottom of the last congestion zone. A break below this level would expose a setback towards 1,62 previous daily high).
We will stay on the sidelines while the market is consolidating and until we get a better picture.