GBPUSD forms a retest of 0.236 Fibo and the resistance area of the new descending price channel and is preparing to continue falling.
TA on high timeframe: 1) Price from resistance 1.28484 forms a correction to 0.382 fibo and enters consolidation between the nearest levels. 2) The fundamental background for the pound against the dollar takes a negative side. The Fed is not going to cut rates.
TA on the low timeframe: 1) A downward price channel is forming. The price is testing the resistance area. 2) The price makes a false-break of 0.236 Fibo and the nearest target is 0.382 - 1.26420. 3) Within the descending price channel the price may go down to 1.25450.