GBPUSD: Need breakout of ranging zone | February 27, 2017

Gbpusd is trading on ranging zone on h4 time frame. Now this is looking for breakout of this range area. So we can also wait for successful breakout to get new trend of this pair. From h4 time frame, we can see that, big rejection bearish candle formed from the resistance level. So below the resistance level, we can expect bearish rally on gbpusd.
On the lower side, 1.2385 is the support level of this pair. We if break this support, we can expect more sell rally on this pair. So wait for the breakout to get sell confirmation.
On the other hand, from the current level, if the pair can form rejection bullish candle, then we can look for buy with putting stop loss below the support level and target will be 30-120 pips.