GBPUSD is moving back up toward fair market value on the 4h chart. I will be waiting for price to reach the yellow line before waiting to see if there are signs that the price is beginning to trend down. On seeing this I will short the pair for a high risk to reward ratio trade. I will post updates on this trade as it progresses throughout the day.
Trade active:
The pair is now starting to make lower lows and lower highs on the 1m chart so I have opened a short position with a 4.4:1 risk to reward ratio. Risking 5% of the trade and the initial target is just over a 20% return.