I still favor another high for GBPUSD although we saw a strong reversal after last weeks exit polls.Short term we have to deal with a bullish impulse after last weeks NFP data, therefore we should be looking for an easy and safe trade set-up. I will be watching for a minor consolidation (comparable to my AUDUSD update of today) and buy the continuation. Stop loss should be below that consolidation which will give us at least a 3/1 Risk/Reward trade. If it doesn't show us that consolidation I simply let this pair go for now because my bias is bullish at the moment.
Guy's we saw a 5 wave impulse lower after the opening gap and I can focus on this complex structure but I decided to let it go for now because the market presents several high probability set-ups in other pairs and I rather ignore the noise in GBPUSD at the moment then trade with less precision. The set-up I was looking for however was not confirmed and due to the structure invalided.