The last ‘Double Top’ led to the current downward price movement. However, there’s a ‘V-Bottom’, so we should watch the nearest resistance at 1.2634 – 1.2661 as an intraday target. This area could be a starting point for another decline in the direction of the next support at 1.2514 – 1.2472.
There’s a ‘V-Bottom’ pattern, which has been confirmed, so the pair is likely going to test the closest resistance at 1.2634 – 1.2661. If a pullback from this target and the Moving Averages happens little later on, bears will probably try to test another support at 1.2506 – 1.2472.
GBP/USD H4
GBP/USD H1
