Good long opportunity. A bullish piercing signal has formed at a low with some good potential for upside to the top of the wedge.
I missed an opportunity to enter on break of the short term down trend which would have doubled the RR, but there's still a good 2R profit here with a very safe SL below the signal. A less conservative SL would be around 130.4 but with a lot of US news out later today, we could expect to see some volatility across all pairs.
Order cancelled
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I decided to close out this trade. Sterling's situation has changed somewhat since when the trade was identified. GBP is very bearish against just about every pair and this pair looks like it could be in a descending wedge. Every time price reaches 131.30 bears push the price down swiftly again.