GBPUSD Breakdown Analysis

Looking at GBPUSD we see the a bit of consolidation on the 1H TF, price bouncing and respecting a area of support. if price breaks below this area we can expect price to retrace back to the 62% Fibonacci retracement and then start moving up. but there is a big possibility that price might buy from here, so keep an eye on the lower timeframes for any buy confirmation. COT reports shows the Pound still on a extreme low, so the possibility of a stronger net position is big this coming week thus pushing price up.