Potential drop from 1420.00 as you can see this is a psychological line, so if you enter you could have a SL at 1423.00, July is almost at an end hence why I have put a manual Resistance there, as it could reverse.
It is Gold, so it can go wild!
Respected 31 EMA, which is only indicator so it may mean nothing, however this could trigger GBP to drop a little and potentially bounce from 50% Fib level and fly. This level is the strongest due to it being a psychological level too. If not then manual support at 1.2590.
This formation would help form a 4hour W, which would then make the trade stronger.