GBPUSD Seems a Breakout Candidate, But...

GBPUSD has the technical makings of a possible breakout candidate. There is a clearly defined range and the recent shift in momentum from earlier this year to reverse a well tread bear trend. More importantly, there is key event risk ahead from the UK today (Tuesday) and US tomorrow (Wednesday). Yet technicals and fundamentals accounted for, it will still be difficult to leverage a break with follow through here as market conditions are more conducive to range scenarios.