Technical outlook:

GBPUSD has raised through 1.3381 highs today before pulling back. The Cable currency pair is seen to be trading around 1.3370 levels at this point in writing, expected to find resistance anytime soon. The overall structure continues to remain bearish until prices stay below 1.3488 highs, of September 01, 2020. GBPUSD might be still unfolding a potential counter trend lower towards 1.2200 levels in the next several weeks. Please note that fibonacci 0.618 retracement of the entire rally is seen to be passing through 1.2200 mark as well, and hence high probability bullish reversal remains possibility there. The previous rally between 1.1414 and 1.3488 is being retraced and it could settle around 1.2200 levels, before finding support again. Immediate resistance stays intact around 1.3488 while support come in at 1.3100 levels respectively. A break below 1.3100 will confirm that a meaningful top is in place at 1.3381.

Trading plan:

Remain short, stop @ 1.3500, target is 1.2200.

Good luck!