💱 GBPUSD - H&S on the Day Timeframe

GBPUSD is forming a reversal set-up on the high timeframe, and on the low timeframe the price makes a retest of the key support. Sellers are quite confident to break the support as their target may be around 1.2340 - 1.2300

TA on the high timeframe:
1) Price enters a new range of 1.24500-1.23570. And in our case seeks to test support
2) A reversal set-up of the "Head & Shoulders" format is forming on the D1. The pattern base is in the area of 1.2340
3) If 1.2340 is broken amidst the strong dollar, the currency pair will start to fall to 1.22000.

TA on the low timeframe:
1) Price is testing the 1.23947 support area, a bounce to 1.24200-1.24300 is likely
2) Locally we see a strong sell-off, which may continue after the support breaks down
3) The nearest target in case of a breakthrough of support may be 1.23600

Key support is 1.23947, 1.23600
Key resistance 1.24500