Chart of the day

GBPUSD is reaching the strong upside resistance close to 1.3300 which is a downtrend long-term line. A confirmed break above will open the strong upside reversal and completely change the direction by invalidating the downside.

A rejection and a break below 1.2850 could confirm that the five waves upside are finished and we will have a pullback reversal lower. Support for the upside is 1.2800 and it is not excluded that a bounce from here would lead again to a test of 1.3300 this time instead of the 1.3150 we had now. Looking at the price action, another attack on 1.3300 seems highly probable.

Long trades, you can open upon a break above 1.3300. For the short trades, if you are more inclined to risk you can open here with a stop loss just above 1.3150 targeting a swing low of 1.2800. If not wait for a break below 1.2800.