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GBPUSD : Preparing Itself For a Big Move

(GBPUSD : 4 Hour Chart)

GBPUSD is consolidating ahead of the US Retail and Unemployment Claims Data. We will be seeing a major movement in the pair after the release. The resistance at 1.6832 and a rising support trend line are forming an ascending triangle giving a signal that the pair will continue to follow the existing trend which is uptrend by breaking the resistance giving a bullish picture. However the pair might also reverse the trend by breaking the support trend line if the US data came out to be better than expected. If the pair surges it will find the next resistance at 1.6881 and if the pair moves down the nearest support it will find is at 1.6720.