The GBP were under pressure since the begining of May and we have witnessed some singinficant downtrend. The price action is at a major level and created a new lower low but within that downside channel which this pair has been respecting for a while now. Price action has touched and bounced from the trend line. I'm expecting a few more touches on that line...
We have seen a nice downtrend yesterday followed by a nice pullback with a bearish engulfing entry reason suggest the trend continuation should resume soon. I have therefore gone short on this and taking profit at the next support level before deciding further movement.
I have marked the sl and tp for you as well.
Let me know your thoughts.
TRade safe and good luck.