GBPUSD – It's been choppy, mixed and limited price action for GBPUSD and while we expect some price action this morning, we also anticipate it being limited. The 50% pullback level at 1.5273 has capped buying once more and very short timeframes are showing signs of exhaustion. If we look to a four-hour chart we can see that this has capped price action in the past
It should also be noted that we have a four-engulfing candle pattern forming the high that still holds its bias.
There is scope for a move towards 1.5291 and possibly 1.5310 ( formation) but that is looking less likely as I write.
So on GBPUSD but picking the prime entry level is far from easy.