Last week, I wrote about the positive UK retail sales report and how it likely meant further strength for the Pound coming into this week. $GBPUSD, Gbp/Usd / 60 Well, after trading sideways during the US holiday, the GBP/USD starts the NY morning session with a break out of that range which coincides with a push through resistance at 1.6560. This is a sign that the pair is ready to extend its rally after that retail sales report helped solidify the bottoming action around 1.6320. $GBPUSD, Gbp/Usd / 1440 If we look at the GBP/USD from a daily timeframe its in a wider consolidation, but I like that the pair found support around its 55-ema and after rallying in November this consolidation could be a springboard to another rally. A push above 1.65 would be a big sign that its ready to do so. Let's keep an eye on the technical picture and on any incoming UK data that shows positive surprises (though today we had a weaker than expected reading on manufacturing orders).