Short-term GBP buy setup

FX:GBPUSD   British Pound / U.S. Dollar
Good Morning Traders,

The GBP 60 minute timeframe currently presents a small consolidation with the potential to break to the upside. I've placed my entry order at the 1.32436 level (red line) however will be watching the markets throughout the day to make sure the first fib level holds. I'm expecting the consolidation to break out today. There is not much heavily scheduled GBP related news today however some economic data comes out of the US later on in the afternoon (UK time). I will be updating the idea as I go along however bare in mind this is a very short term trade.

Stay tuned.