GBP/USD Bulls Hold the Line- Coils for Breakout British Pound / U.S. DollarFOREXCOM:GBPUSDFOREXcomThe British Pound is holding the line at confluent uptrend support, with GBP/USD consolidating inside the October opening range as traders await a decisive breakout for guidance. Resistance is eyed at the 2024 swing high / September high-week close (HWC) at 1.3434/69- a topside breach / weekly close above this threshold would threaten a larger recovery towards the 61.8% retracement at 1.3544 and the yearly HWC at 1.3648 (both levels of interest for possible topside exhaustion / price exhaustion IF reached. Ultimately a breach above the 75% parallel / 2022 high at 1.3749 is needed to mark resumption of the broader uptrend with next major technical consideration eyed at the 61.8% extension of the 2022 advance at the 1.40-handle. Key support rests with the 78.6% retracement of the August rally / July low-week close (LWC) at 1.3267/80. Note that the median-line converges on this threshold over the next few weeks and losses surpassing this slope would suggest a more significant high is in place / a larger reversal is underway. Subsequent support objectives rest with the May & August lows / 2023 high / 38.2% retracement of the yearly range at 1.3140/44 and 1.3077/80- a region defined by the 52-week moving average and the 100% extension of the June decline. Look for a larger reaction there IF reached. Bottom line: Sterling has responded to confluent uptrend support at the median-line and the immediate focus is on a breakout of the October opening-range for guidance. From a trading standpoint, rallies should be limited to 1.3544 IF price is heading for a break lower on this stretch with a close below 1.3267 needed to fuel the next leg of the decline. -MB