GBPUSD: BUY

A range within a range: Anticipating price return to retest the 1.29700 Resistance zone. We have seen a test of this zone multiple times over the last month and it seems to be holding up strong. Once price reaches 1.29700, we will anticipate another reversal. Otherwise, a break of 1.29700 zone will see prices soar to new highs.

Comment:

We saw price hit the 1.29700 resistance zone like we anticipated, however, there was an instant sharp drop due to an impulse move which I suspect was triggered by the news. Price dropped sharply to the support zone and started climbing back up thus continuing the daily range. We will definitely begin looking out for setups that will see price break out of this range to the upside or reverse to the downside.

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