Retail are currently net long (source: MyFXbook) while institutions net short (source: CoT data).
2 manipulations aimed to take retails out before the true move to the downside.
Entry at previous institutional sell zone, targeting most recent swing low.
COT data for FX:GBPUSD shows that in the last 4 weeks:
99% of non-commercial opened positions were short
79% of closed positions were long
This suggests we won't likely see a daily close above 1.34. If price should still go up, manage position accordingly, as it only signals short institutional orders getting filled at better prices.