Considerable bullish momentum was initiated around 1.0400-1.0600 that could prevent further bearish decline.
As the market was pursuing the current bullish movement, the newly-established ascending bottoms around 1.1150 and 1.1750 remained defended by the bulls. That's why, further bullish continuation above 1.1765 was expected.
Price action around 1.2340 was being watched for initial bearish rejection until another bullish bounce has been expressed.
Recently, the GBPUSD bulls failed to record a new high. Instead, a double-top pattern was established around the same price level.
Bearish pullback pursued towards the price levels of 1.1800. This was considered for a valid BUY Entry with initial target around 1.2350.
Please take into consideration that bullish breakout above 1.2340 will probably enable further advancement towards 1.2700.
Otherwise, another bearish movement towards 1.1750-1.1800 should be expected if the current bullish spike turns to be a bullish trap.