0212 P5 GBPUSD the downtrend has not finished yet

Last week, we were expecting something bull POUNDS up which did not happen.
The downtrend is still there, GBPUSD is about to break 1.27 soon. The next support could be 1.25 or lower than that.
The purple weekly channel can only used to estimated a position that GBPUSD might stop dropping. Once it broken, we will see a retest of 1.19, the lowest position in the last 3.5 years.

Less is more!