GBPUSD testing key area before declining to 1.2350

GBPUSD is currently testing a key area, having reacted nicely off this zone recently. I still see bearish pressure for GBP and with the MA's about to cross alongside recent weak UK data we could see a nice decline to 1.2350 or lower. I see two possible scenarios...either a break straight down to 1.2350 or a retest of the 50 fib/ 1.2550 level before falling to the weekly key level

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Prices currently resting in area of interest/resistance, will watch price action for entries. I am remaining unbiased for now