On my most current analysis, I see the formation and predict the completion of a bullish Cypher pattern @ 1.23708 as seen on the hourly chart. Also, as confirmation of the completion of this patter there is a three dives pattern forming which is another bullish pattern. The strategy is to take a short position to completion of the pattern and then enter a buy limit for the bullish move. Price action will then retest the major support at 1.25270. OANDA:GBPUSD