GBP poised for a move higher but caution needed

We've just gone LONG this pair from 1.2400 with a STOP under the H4 200 at 1.2381. Not too convinced by this trade but WS1 and H4 200 sma is offering support and for a 19 pip risk this trade looks value.
GBP/USD has lost ground this week with some mixed UK numbers - with Manufacturing Production and Manufacturing PMI missing though Services PMI came in better than expected. Last week the GBP had a BULLISH feel but the mood has shifted to neutral.
Under 1.2377 then we would look to SELL this pair for a significant move south.