based on the 4hr support was broken and now become resistance....
going down to the 1hr you have now 2 tests on the new found resistance... a hold here as a double top would cause the pound to fall
my target would be a 78.6% fib retracement of the current rally.... giving a 150 pip sell opportunity.
There is a major resistance at 1.31642 which could cause GBPUSD to take a pause from its recent impulsive move. Traders needs to observe price actions around this region. The major move is still uptrend which may start at 1.3000
Selling has reached extreme level on H4 for GBPUSD. Any more selling pressure will see cable reverse for a short term rally. Risk - Daily is still more bearish and a rise in price towards 1.30502 can drag price back to 1.29
GBPUSD is in the corrective wave after the impulsive wave drove the pair from 1.22000 to the high of 1.30118. Now price is tending towards the lower channel. Expecting price to be rejected at 1.27300 there about for a reversal
The price pattern on the cable is very bearish, having created a lower-high and then breaking the previous swing low making ways for more bears to visit the GBPUSD pair. Any future rally will be a good opportunity to go short. However, bulls are awaiting the pair across the trendline keeping GBPUSD on uptrend since mid-August.
GBPUSD on H4 is in corrective bullish flag. If the bullish flag is violated & price continues to go down, more bulls are waiting in at the 1.26000 level to cause the pair begin another impulsive wave...
The pattern on GBPUSD daily chart is more of a rising wedge. If this is the case, then cable could likely be ready for a short trade around 1.28 level. However, overall market sentiments is still bullish