Inv Head and Shoulders formed on GBPUSD and the price is breaking above the neckline. This means we can expect the GBP to strengthen against the greenback. This came to a surprise as the price broke below an M Formation. 7>21> 200 RSI>50 Target 1.2598
We need to watch out for the sideways resistance at 1.2429. It seems to be forming a somewhat Box Formation, with confusion in the trend. This is definitely a medium to low probability trade with too many factors showing a sideways move which can fakeout and shakeout different directions.
The main reason I am long biased is because the price tested the 200MA, showed a strong level of liquidity and is protecting the bulls.
Price is above both my Monthly and Weekly Pivot points,Parabolic SAR giving buy Signal on the daily Chart,Price Above the 200EMA on daily, H1 and H4. Indicating the trend of this instrument is in an Uptrend
(some insight from my side)