GBP/USD -14/4/2022-

• Successful breakout below a 2 year trend line
• Bears targeted the 1.30 figure and then re-tested the trend line turned resistance where sellers went in again and sold aggressively
• Sellers' target on the second attempt was close to previous one with a slightly less level just few pips below (1.2980)
• The pair is rebounding significantly from that level
• I expect the bulls target to be around the previous support turned resistance level near 1.3160
• We are still in a trading range between 1.2980 and 1.3160-70
• I would rather wait for a sustained break below or above mentioned level
• Since the previous ascending trend line was broken, it is normal for us to be in a consolidation phase, which is usually followed by a trend continuation (in this case downtrend)