I see great potential for GBPUSD to return to further growth. Price after breaking from the bearish channel drawn a new channel, this time bullish, which began to form at the end of last week and took final shape on Friday, when at the market closing price tested the lower limit of the new bullish and upper limit of the former bearish channel. We have here confluence which supports me in my growth scenario.
If the lower limit of the new channel will not be defeated in accordance with Price Action I expect return to growth. Breaking the lower limit of the channel does not necessarily mean continuation of declines, because on way still stands resistance level 1,2400-15 and only defeating that zone can negate growth scenario.
Need to watch macro event on Monday 11:00 (GMT+1) ,which can cause some extra volatility on GBP: Inflation Report Hearings Link The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration and policy of HM Treasury, HM Revenue & Customs, and associated public bodies, including the Bank of England and the Financial Services Authority.
