GBP is in consolidation phase after the strong movement higher in the background and increasing momentum. Watch for potential long entries near the supports at 1.2325-1.2305

Green lines – Corrective downward channel

I still do expect potential new wave up on the GBP due to strong movement up in the background. Selling near the support levels is not an option in my opinion due to poor trading location. Watch for any reversal pattern on the 5/15 minute time-frame in order to confirm potential rally. Key support levels are set at 1.2325 (Fibonacci expansion 61.8%) and 1.2300 (recent swing low). Upward objective is set at the price of 1.2369.