Hi guys, the GBPUSD has a short term channel. Many traders feel that this last move was a consolidation before the next long term bullish move up. However, almost as many traders feel that this last move is the beginning of a reversal back in the longer term bearish direction.
I will wait for a break out of the channel before trading. I will buy a 'confirmed' break above or sell a confirmed break below. For me 'confirmed' = a new 15 min or larger candle formed and closed above or below the channel.