In 2016, the post-Brexit GBP/USD dip found support eventually around 1.19. Since then, price has rallied to 1.2770 by December, but has since again retreated. This time, price again found price above 1.19, closer to 1.20. Twice, we have seen strong support in the 1.19-1.20 area. We can say that GBP/USD is working on a double bottom, which might lead to an eventual recovery above 1.2770.GBP/USD Daily Chart (click to enlarge)Bearish-Neutral:- In the daily chart, we can see that GBP/USD is in a bearish market that has stabilized since October. - However, the overall mode is still bearish, so we can say that the cable is Bearish-Neutral.- In this mode, we should anticipate some resistance in the 1.2770-1.28 area. - If price pushes above 1.28, and the daily RSI above 70, then we can start considering the bullish reversal scenario.- Otherwise, we could consider selling GBP/USD in the 1.2770-1.28 area.Let's do a quick reward to risk assessment for a sell at 1.2770:- If we put a stop at 1.2820, we risk 50 pips.- A viable target is the middle of the current range, which would be around 1.2330 (This is also a pivot in the central area of the current range). But let's say we anticipate buyers around 1.24 instead. - 1.24 offers a potential gain of 370 pips. This trade has a reward to risk ratio of 370:50, or just above 7:1- Note that this trade target would be within the scenario of a market that is still trying to find a price bottom and thus might not slide back to those lows at 1.19-1.20. GBP/USD Weekly Chart(click to enlarge)