No major news for today on the calendar apart from German IFO business climate. The upward momentum is very strong for EUR, I do not expect any significant EUR decline even in case of a sad IFO release. The main driver for all currency pairs will be FOMC minutes tomorrow. GBP is more challenging on the chart. From 20 Apr the GBPUSD pair has consolidated and slowly climbed up for 300pips which is a joke for a monthly GBP price action. The currency pair sits between 1.275 and 1.305 barriers. A break of one of those should produce a run in the magnitude of the width of a consolidation area (300pips). Thus, the profit targets will be 1.24 for a breakdown and 1.34 for a breakout.
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