GBP/USD on the H4 chart indicate a continuing downward trend. Currently, after quite a long period of slow and low dynamic, the price reaches the level at which the next lower peak could be created. Although the wider trend is upward, but it is difficult to call the current increase as a return to it. This movement does not look dynamic enough to assume that it will turn into a demand impulse. It seems, therefore, that the real scenario is the continuation of declines to the trend line and support in the 1.3740 region.
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Currently, the upward movement is slowing down more and more, the breakdown of the correction line should mean declines. It is also worth bearing in mind the macroeconomic calendar. We have important data for USD today. We’re talking about readings about retail sales at 14:30.