GBPUSD moves in a medium-term uptrend in which we recently witnessed a sideway movement (consolidation). Yesterday the price reached the resistance of that consolidation which is within the level of 1.2320.
On the other hand, looking at the 30-minute chart, we see that the price is setting new lows and penetrates from above local support. This situation shows that soon we may get a chance to Short, consistent with the long-term downward trend. Soon, but when? If only support is effectively broken comes to correction and to set a new low. The nearest potential target for short positions will be then the lower limit of consolidation from the chart H4 placed around the 1.2110 level.
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