We have seen rejection at resistance for the 4th time and so we can expect some bearish momentum.
A break of the 200 day EMA and the trend line at the 1.8975 level would call for a short opportunity where we could see price return to support at the 1.8610 level.
Confirmation of breakout:
- Closed bearish 4Hcandles - Price breaks below 200 day EMA - Break in the trendline - Signals from MACD andRVI
I find GBP pairs to be rather volatile so I would advise a smaller position size and letting the trade run to its target. Also, some important GBP news out tomorrow (1st Feb 2021)