Today on GBPUSD - Daily and H4 charts support Short trades.

On the Daily chart above, with the support of the Monthly and Weekly charts, the GBPUSD seems to have resumed its bearish move on. Price is currently in a symmetrical triangle formation, and on its way toward the lower edge of the triangle formation; we would assume price has got enough room to move further downward. Also buttressing our downward bias is the most recent Daily swing low @ 1.6401 (which we've highlighted using the upper blue broken line) that price recently broke below. A major support level - a previous Daily swing low @ 1.6112 (that we've highlighted using the lower blue broken line), which might likely form a support-confluence with the lower edge of the symmetrical triangle formation, is the next level where we expect the bears to be challenged. Hence, from a day-trade perspective, I believe the coast is clear enough to seek Short trades - with the support of the H4 chart.

On the H4 chart above, price has broken the most recent swing low @ 1.6433 (which we've highlighted using the blue broken line) downward. That shifts our bias in favor of a downward price move. The white horizontal line @ 1.6567 highlights the most recent swing high, and as long as price stays below it - in the absence of any new and lower swing high - our bearish or downward bias remains intact.

However, we still need our Hourly charts - using Fibonacci retracement levels and important resistance levels - to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today's down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.