GBPUSD SHORT

As we can see, GBPUSD from a technical standpoint has clearly become overextended. We clearly want to see a correctional phase on the Daily timeframe. When we drop down onto the 4-hour timeframe, we see price approaching strong resistance. This is also present on the weekly. From an institutional perspective, we see major institutions having already closed their long positions as the sentiment was 33% long and now at a 33% short. After drawing out Fibonacci levels, it is reasonable to conclude that we can expect the price to be rejected and drop down to around 1.23785.