With vaccines proving to be doing well in the UK I see the Pound being fundamentally rallied, expect it to trade within the trend lines, lower TF suggests it broke but looking at the weekly it only wicked out and the main body was within the respected trend line, a clear weekly break would suggest otherwise.,
After smashing past the daily support level , I expect this pair to trade below the support making it the new resistance.
EURGBP is a ranging pair, it only moves 50-80 pips a day, so hoping for a big pip gain on a trade is not ideal for this pair, more so swing trading is the style to adopt.
GBPUSD - Ranging
After an 80 pip bounce off the trendline seen on Friday, I expect this pair to do the same this week commencing.
However, a clear break of the trendline can see the grey box highlighted my area of support to then continue its bullish momentum
For now, I am going to trade off the trend line