GBPUSD is still above the daily trendline and after a sharp move down from 1.5900 to 1.5350, now it’s in an important zone which I want to call it “Range Zone”. 1.5350 and 1.5500 are great S/R levels which can hold the price for sometimes and make it up and down between those levels.
I like this range zone and I highly recommend everyone to watch it carefully for short swing trades and going short at 1.5500 and going long at 1.5300, but breakout would be the greatest trade as I can expect any breakouts to the upside or downside will make around 500 pips.
Once again I want to note that legitimate breakouts need high volume and do not trust low volume breakouts which occur late on US trading session or in Asian session.
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