Gbpusd Possible sell for 100+ pips

GBPUSD analysis: after our recent 112 pip win we are now seeing a test of the resistance line. The bulls that rode this with me had a similar TP and now that it hit most of us have sold causing exhaustion in this pair. On top of it being overbought on the 4 hour and on a continuation of a downtrend, we are looking for a sell. I have placed a maroon trend line to confirm the push down. If price breaks this maroon trend line we will see a bear market. This could be at least another 100 pips downwards for now we wait.
We don’t chase the market so be patient with this move.

Comment:

Price has skyrocketed past the point I considered structure. This may very well push to next resistance point and we will review what happens next after we see more candles.

Order cancelled:

We took a bullish trade due to confluences being met and we lost the trade. Market has been consolidating but I feel that there will be a bull run soon due to the USD pairs are becoming weak. For now I will consider this trade no longer valid and I will make another tides soon once price adjusts itself.