The initial attempt to push GBP/USD below 1.2186 was hindered by a speculative spike of 180 pips following Donald Trump's inauguration.

However, strategically, nothing has changed. The price still has not reached the target level of 1.2367, and the Marlin oscillator remains far from entering positive territory. The correction could extend to 1.2510 without the danger of breaking the downtrend. At this stage, we anticipate a return below 1.2186, which would strengthen the bears' positions and pave the way toward the 1.2036 target.

On the H4 chart, the price has consolidated above the balance and MACD lines, while the Marlin oscillator shows signs of potentially reversing back below the zero line. It is essential to wait for the price to consolidate below 1.2186 (and also below the MACD line) to re-establish the previous stability of the downward trend.