Focus: the resistance at 1.6175 remain in focus as a major obstacle and the pair needs to break this resistance to confirm further upward trend. The immediate support is near the 1.5955 zone.
Strategy in Play:
The GBP/USD is trading in a support zone on a 30 minute time frame. The pair has also broken its wedge pattern on the same time frame with a gap towards the downside. If this pattern does play out completely then we could easily see the price near the major support area.
The volatility for the pair is high as the price has pierced the Bollinger band. The piercing of the Bollinger band does have a significant importance when this takes place at an important level of support or resistance because it has the ability to reverse or pause the trend.
The price is trading well above the 50 day (shown in green) but below the 100 day (shown in yellow) moving average which confirms that the bears have strong control