The dead position of GBP and all GBP pairs cannot remain at current levels. Its getting ready for a big pop. But either way I work the numbers, the direction of the pop is not determined. Caution. The ranges are actually wide but GBP has been contained for far to long.
The big breaks above are located at 1.5401 and 1.5458.
GBP/USD. Bottom. 1.5282. Range break above 1.5517, Below 1.5203 and 1.4950. Overbought sell point 1.5396, Failure point 1.5365. Strategy. Longs above 1.5362, target 1.5396 then reverse to 1.5379. Points on the way up, 1.5365, 1.5368, 1.5396.
Shorts below 1.5359, target 1.5321. Watch here for reversal to 1.5359 and higher. Points on the way down, 1.5339, 1.5324, 1.5311, 1.5302, 1.5282. Point 1.5321 must cross to go higher.
Brian Twomey, Inside the Currency Market, btwomey.com