Attached is the 1H and 4H chart of GBPUSD. The 1H chart shows what could be construed as a small rounded top which is a sign of bearishness. Also, on the 4H chart, we can see a bearish pin bar, that too from a region of resistance. All this provides conflicting signals.
The trend seems to be updwards and the daily also closed in a bullish manner but the above signs show bearishness. I might be tempted for a short once the bottom of the pin bar on 4H is broken. This is at 1.4490 right now. The initial targets for a short would be 1.4950 and then 1.4900 followed by 1.4832 and then 1.4771.
On the upside, the strong resistances would be at 1.5050 which is also a previous high and hence a very strong resistance. If this is broken, then the next target would be 1.5137.
I would favor shorts atleast during the early part of the day and would be careful trading this pair due to the conflicting signals.
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