GBPUSD: Next Leg Higher to Materialize Above 1.2980

British pound finally ready to move higher after consolidating for several months that's the question we're gonna answer in today?

GBP/USD as well as what key level buyers have to break and at what time as well as key resistance levels.

I have mentioned this sideways consolidation that's been occurring on the gbp/usd between 127 70 support and 129 80 resistance for several weeks so this consolidation between these two levels comes after this October rally that ran for more than 800 pips and given this short term uptrend that I mentioned in Saturday's forecast video remember that we have these higher lows this was a potential higher low depending on what happens up here at resistance and we also have this higher high back here so right now we do have this short term uptrend from the British Pound and that combined with this sideways movement recently did hint at strength so recently I've been saying that as long as the pair remains above 127 70 support on a daily closing basis that I do favour another leg higher from the pair if we had closed below this area it would have exposed 125 70 but instead as you can see today is once again pressuring that area around 129 80 which has capped the pair since it reached that level in October but here's the key I trade New York closed charts so that every day opens and closes at 5:00 p.m. Eastern so what that means is that when we look at a daily chart this candle right here opened and closed at 5:00 p.m. Eastern the same thing with today today open at 5:00 p.m. Eastern and it will close at 5:00 p.m. Eastern so depending on where today's candle this one right here depending on where this closes today at 5:00 p.m. Eastern that will dictate where the pair is likely to move in the near future so if it closes back below 129 80 this resistance area if it closes below that it means that 129 80 is still intact as resistance and it could also trigger a slight move lower perhaps even a full rotation back in to 127 70 support however at the moment it does appear that we'll get a close above this level that's especially true when you consider this higher low recently so back here we had this full retest of 127 70 support we then moved up into resistance pulled back but the pair made a higher low so if today does close above that 129 80 level it would expose 130 170 and eventually if the pair is able to move through through 130 170 we could even see a move as high as 130 340 so those are the two levels I'm keeping an eye on as we move forward but also keep in mind that nothing is guaranteed so even though today could close above 129 80 it does not mean that the pair will move up to 130 170 while that would be the likely scenario we could very well see a close above this area and it could even turn sideways for a while followed by a close back below it so false breaks do happen and that's something to keep an eye on as we move forward so you don't want to go ahead and size into this thing with too much risk because there is a potential that it could be a false break but given this short term uptrend and this sideways consolidation which does hint at strength when you can sit that the pair moved higher by 800 pips in October this right here does hint at another push higher so again a close above 129 80 today would confirm the breakout and it would also expose 130 170 furthermore a close above 129 80 means that that area would then start to attract buyers in other words it would start to become support so former resistance become support but first we need to see a daily close above it at 5:00 p.m.