This is a trend continuation short on the h4 timeframe. We closed last weak with a bearish engulfing candle and a breakout of a daily counter trend line. We have the golden fib ratio 61.8 on the daily timeframe.
At this moment of time this pair is on an area of key monthly resistance which has been respected multiple times in the past. The previous h4 candles have tried to break the 1.107 level but it has failed multiple times. This show that this level is strong.
GBP/USD has been trending up before finally retesting a key area today. We have had nice daily close showing signs of bulls. My exponential moving averages have crossed giving me more confluence to go long.