24 July 2015, GBP/USD
Daily chart: a significant claim to make a downward reversal. Bears did not allow to form a new High and broken the bottom. Now they have a choice whether to continue forcing from current levels either regroup in one more ascending swing.
Hourly chart: here is a small bearish O&U from 1.5646. On the bottom, here is a preparation for a local bullish O&U (to implement it, bulls need to break above 1.5522). In this case, we will deal with micro Stops from 1.5520.
Should 1.5522 sustain, bears can break the bottom further.
Scenarios: 1) Decline under 1.55 and a more intensive drop 2) Growth towards 1.5646.
Trading decisions:
1) We shall prepare limit orders to wait for sales around 1.5646.
2) If O&U occurs on Н1, we shall buy from 1.5520 to 1.5640.