GBP/USD continues to be governed by a falling trend line on the 4-hour chart, indicating its ongoing downtrend from the level of 1.2745. As long as the price remains below the trend line, any bounces observed from the 1.2036 level can be perceived as consolidation within the broader downtrend.
On that note, there is still a potential for further decline in GBP/USD, with a potential target area around 1.1950 after the consolidation phase.
To consider a potential shift in the market sentiment, it is crucial to monitor the key resistance level at 1.2271. A decisive breakout above this level could act as a signal for the completion of the downtrend.