GBPUSD: Is cable ready for a breakout or just testing resistanceBritish Pound / U.S. DollarFOREXCOM:GBPUSDProfessorSingaporeGBPUSD: Is cable ready for a breakout or just testing resistance? Indicators RSI is around 57 — not overheated, but already above the neutral zone. MACD is back in positive territory, confirming bullish momentum. Stoch RSI is already elevated, around 80+, so chasing longs directly under resistance is not ideal. A better setup would be either a pullback toward the moving averages or a clean breakout above 1.3550. Macro Background For the pound, the key driver remains the Bank of England. On July 30, 2026, the BoE kept Bank Rate unchanged at 3.75%, but the vote was not fully dovish: 3 out of 9 MPC members preferred a rate hike due to inflation risks linked to the Middle East and energy prices. At the same time, markets became less confident about a September hike after the decision, which limits GBP upside. The next BoE meeting is scheduled for September 17, 2026, according to the official BoE calendar. For the dollar, the backdrop is mixed but slightly supportive. The USD is still getting support from expectations that the Fed may raise rates later this year. Current market pricing points to roughly a 57-60% probability of a September hike. This week, US labor market data remains important because it can directly affect Fed expectations. Trading View Base case: moderately bullish / buy the dip, as long as GBPUSD holds above 1.3400. A daily close above 1.3550 could open the way toward 1.3650-1.3660. A pullback into 1.3430-1.3400 followed by a bullish reaction would be a potential long setup. A daily close below 1.3400 would weaken the short-term bullish structure and bring downside risk back toward 1.3365, then 1.3290. I would not aggressively short GBPUSD while price remains above the 200-day moving average and EMA20. But buying directly under resistance is also not the cleanest setup. The better trade is to wait for either a retest or a confirmed breakout. ⚠️ Not financial advice.