Like all other GBP charts, this one is making a big corrective structure for weekly down impulse. The correction could be over at the previous top. It is not clear yet, but I want to take short trades if I can find any good trade setup, because of the potential of down move.
In 1H, it looks like a flag is in the making. That's why I put an entry order. The current risk of this trade is 3% of my account rather 1%. When it tag my entry, I will move the stop loss above the flag. So, my real risk will be something like 0.5%. I'm doing this because if it goes down impulsive, I like to be in the trade with a nice lot size, but if it reverses and stops me out I don't want to lose 3% of my account. If up move creates bigger correction, I can take another short trade.