GBPUSD longer term daily chart depicts a lasting sideways movement that according to our view is soon going to end. This sideways huge triange that is in play from 2009 has two important direction levels. 1,6250 is long term resistance and the upper part of the triangle formation. Whereas 1,50 is the longer term support and the lower part of the triangle. Trading range is getting narrow and whichever side breaks, a large move will follow.
Taking a closer look we observe that in the 4hour chart the pair is moving in a downward channel. Resistance is very close at 1,56. If the pattern continues, then next target will be below 1,54. The wave structure is corrective due to the overlapping waves, so an upward move could anytime be initiated. Bears should have tight stops at the upper channel boundaries.
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