Trend analysis (Fig. 1)

GBP/USD will continue decreasing on Thursday, from 1.2044 (closing of yesterday's daily candle) to 1.1962, which is the 61.8% retracement level (dashed blue line). But then it will bounce back to the 50.0% retracement level at 1.2044 (red dotted line) and higher price levels.

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

Volumes - downtrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - downtrend

Weekly chart - downtrend

Conclusion: GBP/USD will fall from 1.2044 (closing of yesterday's daily candle) to the 61.8% retracement level at 1.1962 (dashed blue line), then bounce up to the 50.0% retracement level at 1.2044 (red dotted line) and higher price levels.

Alternatively, the pair could move down from 1.2044 (closing of yesterday's daily candle) to the historical support level of 1.1928 (blue dotted line), then return to the 50.0% retracement level at 1.2044 (red dotted line). Price will continue to increase after these movements.