8 period moving average has crossed above the 16 period moving average. Referring to a monthly chart this could be the dip in order for the long term up trend for this pair to continue.
Looking at the daily chart, a head and shoulders pattern has formed. The resulting neckline can be drawn in two ways:
1. Horizontal at 0.91 - in line with the left...
Inverse H&S pattern in play on daily time frame.
Looking at monthly time frame GBPUSD has done too much in to short a time i.e. seems oversold so this is likely to be the rebound
Although not shown on chart 38.2 fib level lies at approx 1.31
Entry is placed at the 1.264 which will likely occur on the next pullback following the break of the neckline