GBPUSD - Waiting and watching

FX:GBPUSD   British Pound / U.S. Dollar
So I'm finding GU very interesting at the minute and I wouldn't like to bet on where its going next, on the hourly and 4 hourly we can see price break an upward trend line and form a descending triangle , meaning most traders are looking for a bearish push to the downside, but if we look on higher time frames as we can see on the daily, we can actually see a daily rejection of a resistance level turned support along with a retest of the higher time frame downward trend line , we also have a 0.5 Fibonacci level in there as well.

Following the break of the higher time frame downward trend line I personally will be staying away from taking short positions.

Potentially some intraday opportunities if price makes its way down to retest the upward trend line for the fifth time.

What do we think? I Think I'll watch from the side-lines on this one.


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