GBPUSD Broke Weekly Chart Descending Wedge Resistance

The GBPUSD is making progress in forming a major bottom after bouncing off the psychologically key 1.20 whole figure level yesterday and surging above descending wedge resistance (on the weekly chart). Although odds are decent for a break to a fresh July high following the 830am EST release of the US advance GDP data and Friday’s US core PCE price index data, bulls should be prepared for a lower probability of a brief pullback before the weekend potentially to upchannel support (on the 4hr chart)…