GBP/USD – Wait & Watch game

Pound’s sharp recovery from the low of 1.2769 indicates the bears are still having a tough time despite the breach of the key rising trend line on Friday. On the higher side, we wait for a clear break above 1.2871, while on the downside we would want to see a daily close below 1.2775.
The 100-pip range of 1.2871-1.2775 is no man’s land.