The GBP/USD hourly chart has a possible cup and handle pattern if the hourly chart can push past the 38% retracement level and horizontal resistance that resides at 1.5225.

If the GBP/USD can break higher, the upside target resides near the 61.8% retracement and trend line that has been in existence since July 2014.

Blake Morrow

Chief Currency Strategist, Wizetrade

Disclaimer: I am not long the GBP/USD but may establish a long position within the next 72 hours.