From the daily chart of GBPUSD, I can see uncertainty on where the direction is about to go, as there are 2 potential setup for this pair :
Long Scenario
The reason why I said this is because EMA(100) has been breached for the past 7 candles. If price are able to break 1.2725 resistance line and move on, it may hit next resistance line 1.2870 which ultimately hit 1.3440. I don't see 1.2870 to be a strong resistance line though, should price were able to break out.
Short Scenario
However, overall EMA indicators shows that the downtrend is still there. Price has been ranging between 1.2725 and 1.2110 for the past 4 months. And if it failed to break out 1.2725, potentially price may fall down again to 1.2110 and similar range scenario will occur. Then if, eventually, price break over 1.2725, then above long scenario might happen.
In the next coming days there will be more news that affect these 2 countries and it may determine the direction for this pair.
Long Scenario
The reason why I said this is because EMA(100) has been breached for the past 7 candles. If price are able to break 1.2725 resistance line and move on, it may hit next resistance line 1.2870 which ultimately hit 1.3440. I don't see 1.2870 to be a strong resistance line though, should price were able to break out.
Short Scenario
However, overall EMA indicators shows that the downtrend is still there. Price has been ranging between 1.2725 and 1.2110 for the past 4 months. And if it failed to break out 1.2725, potentially price may fall down again to 1.2110 and similar range scenario will occur. Then if, eventually, price break over 1.2725, then above long scenario might happen.
In the next coming days there will be more news that affect these 2 countries and it may determine the direction for this pair.