The pound present us with a double edge opportunity for either sell or buy under different condition. First let deal with the sell opportunity, the pound for a couple of weeks now have been in a consolidation. It bounced off the support zone @ 1.2700 a couple of times which is forming a wedge but six trading days ago this major temporary support was broken and it been retested as at now . if the bull of GBPUSD cannot push in above the support zone at 1.2700 is it a sell trade in the direction of the direction of the previous market direction. the sell opportunity will make use of the new support as 1.2113 zone.
Now, to the buy opportunity the pair just tested the support of a channel that been in formation for more than a month. but for the buy opportunity to be solidified, there must be a break of the 1.2700 zone will reveal the next zone as 1.3000
Now, to the buy opportunity the pair just tested the support of a channel that been in formation for more than a month. but for the buy opportunity to be solidified, there must be a break of the 1.2700 zone will reveal the next zone as 1.3000