As of this writing GBPUSD is strong on the long on side but instead of going long I would counter trade this trend by shorting it. There are two reversal harmonic patterns I see, a Bearish Gartley on the 4-hour chart and a Bearish Butterfly on the hourly chart. Both reversal patterns points to a sell short price between 1.6330 and 1.6350. Once the price hits that level, price action will be observed. Our entry will be based on the 15 minute chart which I will post later on.

If we are to be aggresive on this trade, we may place our sell short orders between 1.6330 and 1.6350. Stop loss will be placed at 1.6420 then move to breakeven stop on 60pips profit. Targets will be C and A in the hourly chart.

Disclaimer:
Foreign exchange trading and investment in derivatives can be very speculative and may result in losses as well as profits. Foreign exchange and derivatives trading entails a considerable risk factor and is therefore not suitable for every investor. Absolute Traders does not take into account special investment goals, the financial situation or specific requirements of individual users. Hence, you should carefully consider your financial situation and consult your financial advisors as to the suitability of your situation prior to making any investment or entering into any transactions.