GBP/USD: the pound fell into a bear trap
On the GBP/USD daily chart, due to the drop in quotes to their September lows, our targets of the short positions on the pound have been fulfilled. Break-point of rising short-term trend is very steady, therefore, traders should focus on the sales at 1,3072-1,3075 and 1,315 levels. Over time, the pair is expected to go down to 1,291-1,2925 levels.
On the GBP/USD hourly chart 'bulls" can gather themselves up and attack the lower boundary of the descending trading channel. If their efforts fail, it will be a signal to open short positions. As for an initial target it makes sense to use the convergence zone of 1,295-1,2965.
Recommendations: SELL 1,307 SL 1,314 TP1 1,2965 TP2 1,291 SELL 1,3105 SL 1,3155 TP1 1,2965 TP2 1,291