GBPUSD on unexpected fundamentals broke a strong support line last week, but after the correction the price fell to the strong line at 1.20289, which confirms the bearish mood. What to expect from the price?
The price forms a retest of the support at 1.20289 (upper range boundary). On the junior timeframe a pre-breakdown consolidation is formed with the moment of price compression. Breakdown of this level and entry of the price into the range of 1.20289-1.14427 will open the potential for a fall to the lower line.
I expect a breakdown of the support zone in the near future and continuation of the fall after the breakdown of the global trend. The short-term target is the support at 1.18536, the medium-term target is the level of 1.14427.