This trade never triggered as prices never got down to where I placed the lower trend line of the channel. But as you can see, prices respected the bullish crab and have now reached almost half-way to the top of the channel. So I am cancelling this trade because even if prices do end up coming down to my buy point now, it would be for a different reason and a different setup. For now, I am going to just watch the price action and see what develops.
I am still bearish on this pair as per my last analysis (see Related Ideas: "ANALYSIS: GBPUSD: Now Come The FALL! But It's NOT the BIG ONE!") though that trade setup in that analysis was also not valid anymore. The longer term outlook I believe is still good. In fact, I will be looking to find a bearish setup.