The British pound sterling gave back some of the gains from Tuesday on an intraday basis on Wednesday.
Price action once again attempted to post new highs but failed to build up the momentum.
The consolidation near the 1.3700 level has resulted in a possible ascending wedge pattern.
If price action breaks lower, we could see a retest back to the 1.3050 level in the near term.
To the upside, GBPUSD will need to post strong gains to close firmly above the 1.3700 level of resistance.