GBP/USD: Cable Testing Major Resistance — Decision Point

GBP/USD is approaching the 1.2750 level which has acted as strong resistance multiple times this year.

Analysis

The pair has rallied from the 1.2400 lows but now faces a critical test. The weekly chart shows a clear double top pattern forming at this level.

- Bullish case: Break above 1.2750 opens path to 1.2900
- Bearish case: Rejection here sends price back to 1.2550

What to Watch

- UK CPI data on Wednesday
- BOE rate decision next week
- Technical: RSI approaching overbought on 4H

Wait for a clear break or rejection before committing. This is a patience play.