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Great British Traffic Gutter Light Pair and Plain Gutter Pair Stamps Issued 1972 to Date
Most modern Commemorative stamps are printed in sheets containing 2 panes with a blank gutter margin between the two. The first issue this appeared was on some sheets of the 1972 3p Silver Jubilee value. A Gutter Pair is a pair of stamps with the gutter between the stamps.
Most printers use some form of guide in order to easily check the line up of the various colours used that make up a stamp's design. On the outer edges of the sheet, this is usually in the form of a Cylinder Number. These numbers are printed in the colour used on the stamp for that part of the design.
Harrison and Sons added these check colours in the gutter in the form of a round blob of colour to both values of the 1973 Royal Wedding issue. The coloured blobs were in a small lined box and resembled a set of traffic lights, hence the name. There is one Traffic Light Gutter Pair in every double pane sheet of stamps.
All Commemorative issues from 1974 to Christmas 1979 have the Traffic Lights.

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TRAFFIC LIGHT GUTTER PAIRS