GBPUSD broke below the 1.3210 support level, confirming a newly formed short-term downtrend channel. The lower line of the channel and the projected point D of an extended ABCD formation have converged, and GBPUSD is now attempting an upward reaction from that area.
The 1.3210 level has now become the most immediate resistance. If it is broken, GBPUSD could make its way toward the upper boundary of the channel. However, momentum currently favors the bears, so any upward moves may present selling opportunities, whether from 1.3210 or the upper line of the channel.
If the downtrend channel fails, this strategy becomes invalid.