GBP/USD 1HChart 12/5/2012 8:20AM EDT Consolidation: When the GBP/USD broke above the 1.61 handle, it also broke above a consolidation channel as noted in the previous update. the 11/5 session so far has not extended the breakout as cable found resistance at 1.6130 . The 1H chart shows the market consolidating, perhaps developing a head and shoulders pattern in the very short-term. Momentum: The bullish momentum is still maintained in the 1H time-frame, but if the RSI falls below 40, there is a
