GBPUSD on the high timeframe breaks through strong support and begins to decline, thereby renewing the local minimums. What to expect next?
On the chart I have marked a downtrend, the price is testing the support zone and GBPUSD is strengthening. I assume that the price is headed towards the target of 1.20289 (volume density zone). This liquidity zone can be tested by a false breakdown, and the price should enter the resistance zone, from where the pound can continue its fall.
I assume that in the nearest future the price will enter the resistance zone, but will not be able to break through the resistance. I expect the decline from the level of 1.20289. Short-term target - support 1.19400, medium-term target - support 1.1878.