Since that candle closed ( Keep in mind this is a Monthly chart ) it retraced exactly 50% touched the base of the cloud but closed inside.If the GBP starts moving UP my first target on this pair is at 1.272 retracement from the last leg down around 2.1950.Keep in mind that this is a HIGHLY volatile pair it moves hundreds of pips per day so be very careful with your money management and position seizing.