Right now we are in the middle of nowhere unless Today’s high or Yesterday’s low is breached.

If Yesterday’s low in not tested and today’s high is taken out, we should expect at least 1.42

GBPUSD 5m 07-04-2016 Scenario 1

In the event that yesterday’s low is breached, GBPUSD’s relief rally was over and we should expect a new low in the medium term, at least around 1.394 levels to begin with. While I personally am more inclined to go for the first scenario keeping in mind our analysis, anything can happen in the markets.

GBPUSD 5m 07-04-2016 Scenario 2

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