Daily: the pair is trading in the middle of the lower Bollinger envelope. We expressed the concern that the lower Bollinger Band has not been tested, and these concerns seem to be justified. Most likely, the price will be forced to complete this maneuver in the zone of 1.1839.

H4: sideways nature of the Bollinger envelopes does not cancel the negative scenario for the pound, as the actual phase of the movement is descending. Target support is 1.1942 (lower Bollinger band).

H1: the general character of the market is flat, so it is impossible to rule out the consolidation scenario in the narrow range 1.2017-1.2043 (the size of the Bollinger envelopes).

Scenarios:

Main – flat in the range of 1.2017-1.2043.
Alternative – decrease to 1.1942.

Recommendations: Sell from 1.2043 area to 1.2017 and 1.1942.