GBP/USD Bulls Break Through Resistance

The GBP/USD currency pair has reached an interesting moment where the bulls have mounted a successful fightback against the bears, breaking out of a descending price channel and reaching a new one-week high.

This breakout comes as analysts see the Bank of England as increasingly likely to hike rates and take a more hawkish approach towards monetary policy.

The resistance at 1.3554 has finally broken, and the price action has accomplished this just before and after the London open, which is a significant time for this currency pair due to concentrated liquidity in the UK.