GBPUSD back down to pervious lows???

We can see price has been decreasing this past year forming lower lows and lower highs. Price is now testing back in the range of 1.22905 and 1.20120. If price proves it can stay below 1.22905, we could see possible bearish movement back down to 1.03545.

How will this trade be invalidated? If price moves past 1.22905, price will become bullish overall and at that point will have reversed.

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