GBP has gained more than 600 pips after touching its year low of 1.48126. Actually it is very complicated to do trend filter while on high impact economic releases.
Today, there should be a huge volatility on this pair. The trend is being expected towards the short by the prediction of moving average. But, today is the day of fundamental analysis.
So, it is up to the economic releases that would lead the trend. From the technical aspect, GBP/USD has haven for its short. As the trend is unpredictable, the traders will have to face the conflicts over the trend.
Hence, the market is working by the trader’s belief with the exemption of news releases. So, once the trend has been identified just move on with the trend.
The overall behavior of the indicators is predicting the downtrend to compensate the past day’s uptrend of around 300 pips. Be focusing on the time of economic releases to justify the trend.