SamKent

GBP/USD trading at tipping zone

FX:GBPUSD   British Pound / U.S. Dollar
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The GBP/USD is currently trading at an interesting zone in our view, one which we might call a tipping point between bulls and bears. The 1.5790 which served as support and was recently broken down from may serve now as resistance. This consolidation zone also coincides with the 50-61.8 fib correction of the impulsive bear move. On the other hand, the pair has recently formed an ascending channel structure, and may now be using the upper line as supportive, which would be a strong bullish sign. It is also worth mentioning that recent price action has been extremely bullish , with 2 major impulsive bullish candles.
Due to all of these considerations, we're neutral on the pair at the moment, and we're looking for a clear breakout of the consolidation zone to one side or another. At that point we'll have our bias to the long or the short side and begin looking for good entry points.
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