GBPUSD (Daily): Should I be buying the GBPUSD?

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD             (Daily): After trading in a range for more than 3 months the GBPUSD             finally broke sharply to the downside. Price trades through, then pullback from the 1.20000 level as well as the lower range expansion target. Price is currently trading sideways and all the price action is contained within the candle created on Oct 11. Although the downward momentum has slowed there is still significant separation between the current price and the 20/50 SMAs. The GBPUSD             is highly bearish (overall USD strength combined with overall GBP weakness). However it should also be noted that if prices retraces into the 50 SMA the profit potential is significant. Note also that the closest structural resistance is at the 1.280x zone.
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