Looking at GBPUSD this week we have a couple of different scenarios, at this present moment in time we are looking bullish overall, however there is still a possibility of a bearish continuation if the monthly level does not hold. We had a heavy bearish week last week for the pound, which created a liquidity void in the market (which means we may get upside movement to fill this void), towards the end of the week we had a strong rejection from the monthly demand zone , with a bullish D1 close last week (Friday 2nd August Close). This bullish D1 close is our first confirmation of a change in trend, we must pay attention to the H1 & H4 price action this week for further rejections from the monthly level. Currently the bearish D1 trend remains intact, and a retracement is highly likely from the monthly supply level marked at 1.23450 – this level also lines up nicely with a 61.8% Fib Retracement, so we may also look for sells from this level.