Black line- resistance
Blue line- support
Red lines- Fibonacci extension targets
GBPUSD is trading around 1.2040. Short-term trend is bearish as price has started making lower lows and lower highs. Short-term support is found at the upward sloping blue trend line at 1.1985. A break below this level would be a sign of weakness and will open the way for a new decline towards the 100% Fibonacci extension towards 1.18. Resistance remains key for the short-term around 1.2270-1.23. As long as price is below this level we remain pessimistic.