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GBP/USD - 1.55 is Critical Resistance

GBP/USD rebounded in October from almost 1.51 up to about 1.55 last week. The daily chart shows the pair stalled at this level. 

GBP/USD Daily Chart 10/18

(click to enlarge)

We can also see that at 1.55, cable respected a falling speedline as well as the 100-period simple moving average. Note that the RSI is held under 60. 

Now, if price pops up above 1.55, it would break a consolidation pattern, break above the cluster of moving averages, and possibly push the RSI above 60. These 3 changes in technical conditions would signal a bullish outlook to retest the highs around 1.58 and 1.59 this week.

Let's say there IS a break above 1.55. If there is a pullback a bullish market should find support above 1.53, So, if there is indeed a break, I would consider putting a limit order around 1.53, with a stop below 1.52, and targets of 1.56 and 1.58.