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GBP/USD Back at Key Resistance

The GBP/USD has been choppy lately and has been essentially trading sideways since mid-July. Now, a month later, the 1.5675-1.5690 resistance area is still holding. The support level is around 1.5450. 

GBP/USD 4H Chart 8/14
(Click to enlarge)

The 4H chart shows the consolidation range that has held price action in between. Since last week, price has been rallying and as we end this one, cable is almost back at the 1.5675-1.5690 high. Based on the current price action, it is very likely that we will see the pair test this resistance area next week. 

Now, if price can close a global session above 1.57, we are very likely going to see a bull run. Let's take a look at what our month-long consolidation looks like in the context of the daily chart. 

GBP/USD Daily Chart 8/14(click to enlarge)

We can see that there is a larger consolidation structure at work. However, the overall bullish outlook since April remains intact as price trades above the 200-, 100-, and 50-day SMA and the RSI holds above 40. This is an important fact, and gives me the preference for the bullish breakout compared to resistance holding again. A break above 1.57 first has the 1.58 pivot in sight, before threatening the 1.5930 high on the year. This bullish outlook would have the 1.60 psychological level in sight as well.