Looking at the chart below we can see how interestingly GBPUSD has been trading for the past 5-6 weeks, every swing move has been confined in an nicely defined channel. Breaking out of the channel meant a trend reversal, with this in mind we are waiting for the current bearish channel to be broken especially considering how steep and tight it is; a conservative trading approach would be to wait for the first retracement after the break and open a position there, however aggressive traders will certainly want to enter at the start of the move fine tuning an entry on the smaller timeframes right after the break.
