Cross red horizontal line and it may be a reason to go short..
Otherwise, this looks good for 300 - 500 pips on the upside. The long term is very questionable due to symmetrical R/R and probability from a technical and fundamental standpoint. (The purpose of trading is to find asymmetric probability or asymmetric risk/reward.) I will probably stay away from this pair because one can easily justify that there is enough support for a strong rebound (whether at 1.51, 1.48 or 1.45), or may logically justify why we'll see continued weakness in the pound (policy divergence (rate hike delayed due to weak data), and the likely-hood of continued long term dollar strength.) The best bet is to probably trade the GBP crosses such as GBPAUD or GBPCAD because risk and trend are more visible and defined.
Otherwise, this looks good for 300 - 500 pips on the upside. The long term is very questionable due to symmetrical R/R and probability from a technical and fundamental standpoint. (The purpose of trading is to find asymmetric probability or asymmetric risk/reward.) I will probably stay away from this pair because one can easily justify that there is enough support for a strong rebound (whether at 1.51, 1.48 or 1.45), or may logically justify why we'll see continued weakness in the pound (policy divergence (rate hike delayed due to weak data), and the likely-hood of continued long term dollar strength.) The best bet is to probably trade the GBP crosses such as GBPAUD or GBPCAD because risk and trend are more visible and defined.