GBP/USD is trading in running in uptrend channel on 1h TF but it is still below the down trend line, which is showing the small trend of GBPUSD is UP but medium trend is down. If we see the daily chart if GBPUSD we can see it is moving on sideways trend from some couple of days but it is in the ichimoku cloud and it may test the upper edge of the cloud
The UK started off the day by releasing a retail sales report, which turned out to be stronger than expected. But for some reason, the market refused to react to this report, although we had the right to expect that the British pound would rise. In the second half of the day, two U.S. reports (Producer Price Index and University of Michigan Consumer Sentiment Index) triggered mixed movements. From a macroeconomic perspective, we saw absolutely logical movements. The downtrend persists, but in general, we’re mostly seeing a sideways movement rather than a downtrend. The last two lows may draw an uptrend line. Therefore, we can’t confirm the pair’s succeeding movement and it’s hard to predict it. However, take note that almost all fundamental, macroeconomic, and long-term technical factors suggest that the pound will fall further, but before falling down we can see some more correction up to $1.2640
Important levels for day are 1.2666, 1.2635, 1.2592, 1.2561 and 1.2518
Trading idea : Sell On Rise
Trade setup : Pullback Buy around @ 1.2630, Higher sell around 1.2675
Safe swing sell below 1.2590
Safe swing buy above 1.2735