Pound has been trading near the yearly high (1.42400) for the last two weeks. As such, a bullish engulfing pattern was formed in the charts, followed by a pin bar.
Considering this, it would be best to avoid setting up short positions because that will only "trap" you in the market. Instead, build up long positions in the lower time frames in order to push the quote above 1.42400. Do this unless the pound drops below 1.41000.
The idea above follows the Price Action and Stop Hunting methods.
Good luck and have a nice trading day!
