The upward trend seems to be running out of steam. The downward trend could recover.

This strategy is mainly based on technical arguments.

Graphically, the bearish trend dominates in the medium and short term. Indicators highlighted an overbought situation in recent sessions. These indicators shows a limited potential for a possible breakout near the midterm resistance at GBp 1232.

Therefore, the proximity of mid-term resistance suggests a consolidation or a correction phase in the coming sessions. The most offensive will open a short position close to GBp 1232 to target a return on the GBp 1135 support. It should protect the position with a stop loss set above GBp 1232.