The GBPUSD consolidated last week after an incredibly aggressive 800 pip rally. However, the pair is still holding above 1.2770 support on a daily closing basis. I have to respect the potential for a move higher as long as 1.2770 is intact. A daily close below 1.2770 would expose the next key support at 1.2570. Alternatively, a push higher this week would likely encounter sellers near last week’s high of 1.2990