GBPUSD: Main and Alternative Scenarios #forex

Main Scenario: GBPUSD broke out above the falling trend line started from September 2016 high. Meantime, the price has completed an inverse head and shoulders. The area around 1.2420 is the best for going with this breakout and buying the pair, towards next major resistance area starting from 1.2770.

Alternative Scenario: a break back below 1.2250 would target 1.19000 major low again.

Best
Luay - Technician

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Closed all long after BOE. +215 pips.