GBP/USD Bulls Eye Breakout Ahead of NFPBritish Pound / U.S. DollarFOREXCOM:GBPUSDFOREXcomA rebound off former resistance is now testing the highs with the weekly / monthly opening-range taking shape just below. GBP/USD is attempting to breach the yearly 75% parallel in early US trade on Thursday. The immediate focus is on today’s close with respect to this threshold. Initial support rests with the weekly open / 2024 high at 1.3434. Note that the median-line converges on this threshold over the next few days and a break / close below would threaten a larger correction within the broader uptrend towards the 61.8% retracement of the May advance at 1.3313 and bullish invalidation at the May low-day close (LDC) near 1.3176. A topside breach above the 75% parallel would threaten resumption towards subsequent resistance objectives at the 2022 high-day close (HDC) at 1.3705 and the 100% extension of the January advance at 1.3816- look for a larger reaction there IF reached. Bottom line: The British Pound is testing confluent resistance at the yearly high and the focus is on a possible price inflection off this pivot zone- watch today’s close. From a trading standpoint, losses should be limited to 1.3434 IF price is heading higher on this stretch with a close above the 1.36 needed to mark uptrend resumption. Keep in mind we are in the early throws of the June opening-range with U.S. Non-Farm Payrolls slated for tomorrow morning and key inflation data (CPI) on tap next week. Stay nimble into the releases and watch the weekly closes here for guidance. -MB