GBPUSD's close could not have been more perfect. First, let's take a look at the longer time frame.
Momentum wise, you can see that it has been ranging and suddenly trying to breakout in the last hour. The upper candlestick wick signals buyers trying to breakout above the range only failing. Although I didn't draw the range lines on the hourly, you can still see them. It appears this pair is heading for a break. Short term wise, it is almost a guaranteed payoff to sell.
This range is better defined on the lower time frame. I admit it's not perfect because the range's lower boundary has been defined by real bodies and nothing else. There are several lower candlestick tails passing through them, which may present an issue. Otherwise, so far so good. The last 15 minute sell off is really assuring for a bearish Monday opening.
There really isn't much to touch on this pair. It's a very simple price action setup and about 90% reliable.
