The pound/dollar pair is traded on an hourly chart within the framework of a downtrend. It shows that the euro/dollar exchange rate is trading below the level of the moving average with a period of 55 on the hourly chart (the level of 1.2149), which disposes to lower prices in the short term. I recommend working from sales within the framework of this wave model.
The signal to open a long position will be a breakdown at the end of the resistance hour at the level of 1.2186 in order to increase to the resistance at the level of 1.2228 and in case of its breakdown at the end of the hour to 1.2281. The stop loss with this strategy can be placed at the level of 1.2140.
The signal to open a short position will be a breakdown at the end of the support hour at the level of 1.2104 in order to reduce to support at the level of 1.2068 and in case of its breakdown at the end of the hour to 1.2026. The stop loss with this strategy can be placed at the level of 1.2155.
Given that the moving average and the location of the boundaries of technical figures are moving over time, it is necessary to adjust their position on the hourly chart. I also recommend opening positions at the end of the hour to avoid false breakouts.