Fundamentally the GBP isn't doing great at the moment and the latest quarterly report suggested that is likely to remain at below 1% until the second half of 2016 which is below their 2% target. I think this trade will be dependant on the US disappointing with the amount of rate hikes suggested in 2016. It could at least re-test the 1.5900 highs of 2015 but we can't afford any disappointing data from the UK.
A question I have to myself is do I buy at 1.4700 and get out if I have a weekly close below the lower channel , or do I wait for a confirmation such as the price moving below 1.4700 and closing back above the i.e. a lower wick testing the support. Risk to reward is brilliant for this set-up but risk reward is irrelevant if you are picking a losing trade.
I appreciate everyone's constructive feedback and whether anyone can develop on this idea.