GBP/USD has been consolidating since last week when the pair stalled a rally at 1.5676. The 1H chart shows that there was a double top at this resistance, but it was still unclear if the market will respect this topping pattern. In fact as we can see in the 1H chart, price rebounded from a rising trendline to close the week, making the double top look less likely. GBP/USD 1H Chart 7/20 (click to enlarge) Still, after the end-of-week pullback, GBP/USD failed to retest the top and has been drifting back down. As we begin the week, price is still hovering around 1.56, but it seems like the pullback was simply a reaction from the rising trendline, and does not have much gas so far. If we can close the 7/20 session under 1.56, the bearish outlook will be more clear. Otherwise, we should wait for more clues, such as a breakout from a consolidation pattern. This means that unless there is a break above 1.5676 or below 1.5550, we might not have much to go on.