Over recent Week's Cable has been trading a relatively large range of approximately 400 pips. The overall trend on the Weekly chart is down, but on smaller time frames there is no trend at the moment, only a range that will eventually break into a trend.
Whilst price is trading in a range it's relatively common for traders to make a decision as to the outcome of that range, but in reality the range itself is proof that there is indecision within the Market. The only way to capitalise on that indecision is to ignore any overall directional bias and play the range as it forms.
In the case of GBP:USD on shorter time frames that range has run a sequence of marginally higher lows whilst resistance has been repeatedly found at 1.5736 region. This could be indicative of an ascending triangle formation or looking at the chart the possibility of a bullish inverted head and shoulders pattern, but in reality these potentially bullish patterns can fall apart through time decay.
Therefore, the long position I've taken from