Range Bound GBPUSD between 1.18 to 1.24

I have given up on the idea that GBPUSD will rally out beyond 2.5 and above. Whatever the USD weakness, I think the GBP has its own problems. Within the H1 chart, I see that after a 40 (0.3%) to 110 (0.9%) pips rally, there will be retracement of around 40 pips - within the day. So the entry price is important and we should wait to enter GBPUSD at the right price.

For now, I think GBPUSD has reached the top end of its range and will continue on its downwards trend over several weeks - unless there is a catalyst.