GBPUSD is trading within a +2 year Bearish Megaphone and since April 15th has had a double rejection on the 1D MA200 (RSI = 47.993, MACD = 0.001, ADX = 26.766). Even though the 1D technical action is neutral, this is not an encouraging development and since the 1D RSI can't get past the 5 month Resistance Zone, we are taking this as a bearish signal. Our medium term TP is the 1.2000 Symmetrical Support.