Looking here at GBPUSD on the 4H we can see that price has reached a major extended resistance level around the 1.23800 levels after quite a bullish run. Personally, last week seeing price reach previous older lows around 1.20000 levels, I believe that is the main reason price has pulled back so strongly. However, when we correlate this move to the higher time frames like the weekly and monthly, we can see that price is still continuing its bearish descend and nothing has changed. I believe that we will see price start falling from here and eventually reproach old lows back around 1.20000. With that being said, trade safe!