The pair is consolidating along with +1/8 Murrey Math level above the Super Trend Line. Previously, 8/8 MM Level has acted as support, which pushed the price higher. Also, Super Trend Lines are under a 'Bullish Cross', which has been formed after the price bounced from 6/8 MM Level. Considering that the market hasn't fixated above +1/8 MM Level, we should focus on 8/8 MM Level as a potential intraday target.
If a pullback from this level happens little later on, there'll be a moment for another advance in the direction of +1/8 MM Level. However, if the price breaks 8/8 MM Level, there'll be a green light for a deeper bearish correction, possibly towards 7/8 or even 6/8 MM Level. If Super Trend Lines develops a 'Bearish Cross', there'll be more evidence that the market has topped. In contract, lacking to fixate under Super Trend Lines will show that bulls are still in play.
The bottom line is that GBP/USD is likely topped, so we should watch 8/8 MM Level as a barometer for further price action. The price fixating below Super Trend Liens could lead to a massive decline.
