GBPUSD breaks lower. Below trend lines.

Neckline broken.

The 200 hour MA was broken. Now trend lines and stops are being triggered. The trend lines defined a neckline for a head and shoulders formation and the underside of a broken trend line (the lower line). The next target comes in at the 1.2533 area. The 61.8% of the move up from the end of November low. The 50% of the move up form the Nov 17th low comes in at 1.2537. That is the next target for the pair.