In July, GBP/USD attempted to continue a prevailing uptrend, rebounding from 1.5330 but stalled at 1.5675. The 4H chart shows that below 1.5675, cable has formed a double top.GBP/USD 4H Chart 7/21(click to enlarge)Since the completion of the double top, price action has drifted lower, but has not shown any strong bearish attempts. It has been essentially trading alongside the sideways-moving moving averages (200, 100-, and 50-period SMAs). In fact it has been forming a falling wedge, which in the context of an uptrend is a sign that there is further upside. If price indeed breaks above 1.56, we can expect the market to push cable towards 1.5675 again, with risk of breaking higher and continuing the uptrend to at least the 2015-high around 1.5929, which was made in June. The fact that the RSI is holding above 40 also shows that the prevailing bullish momentum is still in play despite this recent mid-July consolidation.If we see price fail to beak above 1.56, there is at least downside risk towards the 1.5443. Below that the 1.5339 July low would come into play with risk of further bearish correction towards the June-low of 1.5161.