GBP/USD: 'V-Top' pattern led to consolidation
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The pair is consolidating along the Moving Averages. Also, it's likely that the current 'Pennant' pattern is about to end. So, the price is going to test the next resistance at 1.3032 - 1.2037 anytime soon. A pullback from this area could be a starting point for a decline towards the nearest support at 1.2911 - 1.2880.
The market has been consolidating since the last 'V-Top' pattern formed. Meanwhile, it's likely that the pair is going to test the Moving Averages in the short term. A pullback from these lines could be a departure point for another upward price movement.