Last Friday GBP/USD declined rapidly towards 1.5233 to test the lower limit of the bearish channel marked on the chart.
Although it recorded a new low at the previously mentioned price level of 1.5233, it couldn't stabilize below 1.5278 showing massive bullish reaction towards the lower limit of the channel.
Now we may also have an inverted 'Head & Shoulders' reversal pattern, which will become confirmed, when we have obvious closure above the neck-line at 1.5400.
Based on the previous analysis:
The pair is expected to be heading upside to test the upper limit of the channel after it showed this massive bullish reaction towards the lower limit.
Buying GBP/USD at 1.5280 is considered a good LONG opportunity with an excellent Risk/Reward ratio.
SL daily closure below 1.5230 & TP will be at 1.5355, 1.5400, 1.5445 and 1.5470.
