GBP BROKE BELOW 12165... WHAT NOW!!!

GBP BROKE BELOW 12165 and tested T1=12075-11940 upper range(12075), where to now R=12165-12200 & R=12230-12260 , BREAK OUT ABOVE 12165-12200 THEN HIGHER PRICES, failure then continuation lower to lower range
T1=12075-11940.

FROM 12642-12266-12467= 12092(100%), 11990(127%),11861(162%), at 12075 there is an a,b,c completed but does not imply continuation lower, price could consolidate between 12647-12075 that is a big range.
12020= 50% from 11405-12672 and prices are within range, caution warranted.

Comment:

Price is testing Resistance at 12165-12200, probability of consolidation however break below 12120-12100 then retest of 12075 or lower too.
breakout above 12200 then expect R=12230-12260, R=12280-12310, expect volatility therefore caution required.
breakout above 12340= T1=12370-12410, T2=12425-12475,T3=12520-12575.