A deep low at 1.1411 was reached by GBPUSD in March 2020; after that there is a bounce up by GBPUSD in a wider range. An upper range in a technical point of view, we see at 1.34857, and the current lower one in a minor swing is at 1.26734. The current price action has been trading above the 200 SMA and 65 SMA, which indicates that a slight uptrend to recognize.
The current minor upswing has reached a 78.6% fibs retracement counted from the peak at 1.34857. A further up momentum has been somehow ceased to go further higher highs.
Trading strategy for GBPUSD in a middle term should be kept further waiting for a confirmed buy signal.
But in a short term basis, it can be shorted, if the price breaks down the 1.3180 price level.
Technical point of view we prefer to keep further watching on the price action of GBPUSD in the middle term.