GBP/USD as GBP/JPY is still in a bullish medium term trend, however Cable, too, is getting overbought on smaller time frames. This is evident also with a close look at the RSI indicator where the bullish trend has been broken multiple times, and it seems to have difficulty getting above the bullish trend line at the moment, hence, opening up a short trade opportunity.
Trade 1 Short (RvR ratio 2:1) Entry: Close below 1.3123 or at CMP S/L: 1.3171 T/P 1: 1.3028
Trade 2 Short (RvR ratio 2.12) Entry: Close below 1.3028 S/L: 1.3090 T/P 2: 1.2897
Trade 3 Short (RvR ratio 2.6) Entry: Close below 1.2897 S/L: 1.2940 T/P 3: 1.2785
As always, scale out your profits and adjust your stop/loss to suit your risk management profile.