The GBPUSD has bounced around in a tight range this week. The cross threatened to break lower on Wednesday only to sharply reverse course. The pair has now painted itself into a corner, formed by a wedge. The top of the wedge is at 1.6050 and the bottom rest on the ascending trend line around 1.60. the cross also has a daily descending trend line intersecting the cross around 1.6050. The BoE rate decision is due on Thursday and could provide a bit of volatility.
Chop Zone 1.6050/1.60
Sup 1.5960 1.5903( 50 Fib)
Keane Plan...Waiting for a break of the Chop Zone/Wedge. Will let the price action tell me which way this pair wants to go.
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