Markets are skittish...
The GBPUSD broke below the trend line and the 200 hour MA at 1.31144. The price ran lower. The low reached 1.3088. The price rebounded and trades back toward the 200 hour MA and the underside of the broken trend line (at 1.3121).
The move came before the London fixing. It seems stops were triggered below the trend line and MA. At the lows, the price could not reach the low from Friday at 1.3079.
Trading outside the channel/below the 200 hour MA is more bearish at least intraday, but you can't be too sure when the price action is like it is today (has been recently).
You have to pick your spots. It helps to have a bias so you can sell high or buy low. Then put a toe in the water. However, you have to be prepared for breaks and fails and moves the other way.
