Nice idea on GBPUSD and there may be bearish potential as you have identified. The 1st resistance that we have identified is at 1.2925. It is a 61.8% Fibonacci extension , 38.2% Fibonacci retracement and a horizontal pullback resistance. Stochastic is approaching its support at 3.9% where a corresponding bounce could occur. If a potential bounce does occur, we may want to look at 1.2788 support level. It is a 61.8% Fibonacci retracement and a horizontal overlap support. Looking forward to see how things develop.
Please have a look at our idea and we would like to hear your thoughts.