GBPUSD being squeezed, watch for the breakout

GBPUSD is being squeezed in a triangle formation. When such a pattern occurs, it usually means there'll be a strong acceleration in the direction of the break out. Our 1st major level of resistance is at 1.4135 which is a 61.8% Fibonacci retracement and horizontal swing high resistance level. Our major level of support is at 1.3766 which is a long term 23.6% Fibonacci retracement, a 100% Fibonacci extension, ascending support and horizontal swing low support.

If price breaks either of these levels, then we could be seeing a strong acceleration in either direction.

Stochastic (21,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.