GBPUSD Story and a nice Trade Setup developing

FX:GBPUSD   British Pound / U.S. Dollar
Looking for a longer term trade here with an entry at about 1.5105 with SL under the may low of 1.509 with a first target at about 1.53.

Price action is losing steam approaching the beginning of May low with positive divergence as seen on daily and especially 4h charts:

Watching for the awaited break out of the bearish channel on 4h with a strong bull confirmation when breaking 1.52 level.

Will try to keep updating the setup on shorter timeframes for hunting entry points and further developments.

Happy trading everyone!

GBPUSD under next resistance in the short's area :

opened first shorts at the first fibo extension and 0.618 retrace of previous downtrend
Went short , looking for the awaited correction here
the entry was at under 1.537 after the bearish bat got completed with nice bearish divs as well as in the 4h chart above:
Channel rejected again, waiting to hit the target now
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