With GBPUSD failing to continue lower through the 1.2150 levels, a short term bottom could have been placed around that level. While its immediate risk remains lower. The GBPUSD will have to break and hold above the 1.2150 levels on a weekly closing basis to prevent a return to the upside.
Immediate support stands at the 1.2150 levels where a clear break will aim the 1.1800 levels. Furthermore, support comes at 1.1453 levels.
The rebound may occur this week or in the coming weeks as long as the pair is steady above 1.2150 levels.
On the upside. a failure to hold below 1.2150 levels on a weekly closing basis, could mean a return to the 1.2418 levels. A halt is likely, it may turn lower from here. Anyway; above 1.2418 will extend the corrective recovery to 1.2685/1.2785 levels before another fall…
In conclusion: The GBPUSD sees a rebound opportunity as long as trades above 1.2150 levels on a weekly closing basis in the medium-term forecast.