Last week, GBPUSD has broken its descending triangle pattern and dropped more than 200 pips, arriving at a new yearly low. This price movement indicates that the bearish trend is still very valid. Therefore, we are only looking to enter sell positions for GBPUSD. The price is currently in the impulse stage and at an important weekly support level of 1.2700; thus, there is no immediate trading action for us to take now. RSI signals that the pair is oversold, and we expect a retracement, perhaps in a bearish flag structure, back to retest the previous support level of 1.2970~1.3000. This is our area of interest and we are looking to continue placing sell entries in this area.