The movement in GBP/USD hasn’t started yet, but it surely will. For now the pair’s consolidating in the 1.2390/1.2295 area. The upside is limited by the short-term resistance line since April 15. Support is provided by the 200-period MA on the H4. A break below it will lead the price down to 1.2170 and 1.2030 (38.2% and 50% of the March-April advance). Above 1.2390 GBP/USD will get a chance to get to 1.2470, although notice that the pair will have to overcome some obstacles on the way there and the decline looks like the primary scenario.
Trade idea for GBP/USD
SELL 1.2290; TP1 1.2170; TP2 1.2030; SL 1.2305