FX.co ★ SqlainFX | GBP/USD

GBPUSD M20: Range-Bound Until 1.34485 or 1.34845 Breaks, GBPUSD is trading at 1.34699 on the M20 chart and the market is currently closed. After a sharp rally from 1.34400, price ran into the grey supply zone at 1.34845 and rejected hard. Since then we’ve been stuck in a tight consolidation between that supply and the grey demand zone at 1.34485-1.34525. The teal line at 1.34699 is acting as the mid-range pivot right now. *Key Levels to Watch* *Support*: 1.34485-1.34525 demand. This was the base of the last impulse up and your blue arrow expects buyers to defend it again. Below it: 1.34445 → 1.34365 → 1.34325. *Resistance*: 1.34845 supply. Price failed here twice and your blue arrow shows sellers stepping in. Above it: 1.34925 → 1.34965 → 1.35045. *Pivot*: 1.34699. Above favors a test of supply, below favors a drop to demand. *Structure & Bias* M20 structure is neutral-range. We have a defined high at 1.34845 and low at 1.34485 with price chopping in between. Candles are small-bodied with long wicks, showing indecision and equal pressure from both sides. No higher highs or lower lows have formed since the rejection, so momentum is flat. This is a classic “buy low, sell high” environment until a breakout confirms. *Trade Plan Matching Your Arrows* *Range Scenario*: Long near 1.34485-1.34525 with SL below 1.34485. Target 1.34699 then 1.34845. Short near 1.34845 with SL above 1.34845. Target 1.34699 then 1.34525. *Breakout Scenario*: M20 close above 1.34845 → retest long → TP 1.34965, 1.35045. M20 close below 1.34485 → retest short → TP 1.34365, 1.34325. Until price breaks and holds outside 1.34485-1.34845, expect more chop. Wait for a clean reaction at the grey zones with confirmation candle before entry. Risk tight because M20 can wick fast on news.