Currently, GBPUSD is consolidating above the zone. During the previous NFP the pair has not made a move up while lots of people were waiting for the reversal. However, impatient traders went short on this pair. As it is not recommended to hold trades over weekends. The pair has stop hunted those earlier sellers. Who had stop losses below the 100pips got stopped out or margin called those who did not have stop losses as most usual traders do. Moreover, i believe the pair is going to make a reversal today or tomorrow, depending on the structure they are forming.
As it can be seen from the 1hr chart that the pair has been making the higher highs forming the uptrend. And the trend that has been formed previous week has been tested many making trendline strong for traders to go long thus I believe it will be good idea to short this pair. However, i will be waiting for london open to see one more induction to sell against buyers, if the entry is present on the DMA or EMA. Please use proper money management.
This setup took a day to give a better entry on DMA from its retest it dropped 150pips. Closed with 1:2.