Blue lines- Fibonacci retracements

GBPUSD is trading around 1.1185. The upward move that started at 1.0344 is complete at 1.1494. Price is now making a pull back and GBPUSD is vulnerable to more downside. Bullish scenario is that price forms a higher low around 1.08 and then resumes the up trend. Bearish scenario is that the entire upward move was only a pause to larger downtrend. Minimum pull back target is the 38% Fibonacci retracement at 1.1050. Price has started making lower lows and lower highs. Most probable pull back target is at the 61.8% retracement at 1.08. Bulls will need to defend this level. Failure to hold above 1.08 will increase chances that the bearish scenario will come true.