GBP/USD: Bearish breakdown

The GBP/USD has been in a consolidation, oscillating in both directions around the 55 day exponential moving average, purple line, as we can see on the daily chart. Actually, the pair has formed what it appears to be a symmetrical triangle. During the last two sessions, the Pound has started to lose some ground versus the Dollar and it has broken below the lower trendline of the triangle, reaching the 1.2300 level where it has stalled at the moment. From this point the pair may continue lower and if it does, then the 1.2200 level may act as support, followed by the 1.2100 and finally the 1.2000 level. In case the pair goes back up, it will be entering the congestion area around the 55 day EMA and it would have to break above the upper trendline of the triangle in order for it to change its trend to the upside.