We review the recent developments in the field of cuprate superconductors with the special focus on the recently observed charge order in the underdoped compounds. We introduce new theoretical developments following the study of the antiferromagnetic (AF) quantum critical point (QCP) in two dimensions, in which preemptive orders in the charge and superconducting (SC) sectors emerged, that are in turn related by an SU(2) symmetry. We consider the implications of this proliferation of orders in the underdoped region, and provide a study of the type of fluctuations which characterize the SU(2) symmetry. We identify an intermediate energy scale where the SU(2) pairing fluctuations are dominant and argue that they are unstable towards the formation of a Resonant Peierls Excitonic (RPE) state at the pseudogap (PG) temperature \(T^{*}\). We discuss the implications of this scenario for a few key experiments.