Similar patterns visible on the week time frame of which the latter finishes earlier than the first and predicts a rally of GBPUSD any time soon today. This rally will help to complete the predicted large green bar of this week, which may be much bigger than the predicted one drawn here on the week chart.
On Wednesday I predict this pair to rally again and break out the day time time frame channel to continue its journey towards targets 1.45 and 1.5 USD for the Pound. Important news events of this week such as Great Britain PMI and United States NFP may provide this pair with an extra boost into the same direction.
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No boost and a delay instead, it finally did exit the channel 5 days later on March 13. Nevertheless I am quite satisfied with this pair's price action, it's nicely respecting the red dotted support line which guides it to reach Purchasing Power Parity (PPP) by the first of May.
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