Consolidation breakout: The GBP/USD continued to rally since the rounded double bottom spotted last Friday (10/12). The rally has pushed the 4H RSI above 60, showing lost of bearish momentum, and has broken above a falling trendline that held the consolidation since the high just above 1.63. As we gear up for the 10/17 US trading session, price is at 1.6180, the 61.8% retracement of the Sept-Oct bear run. Clearing this retracement level will give additional reason for more short-term bullish outlook. Momentum: The daily chart shows that the bullish momentum in this time-frame is intact as the RSI reading held above ... (full story)