IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit http://www.thepiphunter.com and subscribe.
I like your analysis but I think price will consolidate at the 131.30 level until the UK Economic data is released this morning. We have the Claimant Count Change and Average Earnings Index at 9.30 gmt and this will determine whether this is a breakout or just an overshoot of the channel. The data will set the direction for £Y. What do you think? Are you already in this trade?