GBPUSD is in a consolidation phase after it has broke a previous low and retested that structure continuing the downtrend, now that we have trapped price we are looking for a break out in either direction . a bearish move down would validate this bearish pennant with a break off that trend line aiming for targets below. If the pennant fails and breaks out in the bullish direction we should also see it break above 50 EMA and the orange structure level , a break and retest of that level is confirmation for the buy