Breakthrough above 1.6240-1.6300 took place in December when another consolidation range was established between 1.6240-1.6450. The last bullish impulse was initiated towards 1.6570-1.6600 in an attempt of bulls to record new highs in 2013.
The last bearish rejection took place on Thursday (January, 2) when bearish pressure was applied near the level of 1.6600 (the upper limit of the expanding wedge) resulting in multiple bearish engulfing candlesticks.
After the bears managed to break down 1.6460, the GBP/USD pair has been showing indecision between 1.6340-1.6440 roughly, probably establishing a short-term inverted head and shoulders pattern.
In the short term, the market may be targeting 1.6460-1.6480 before enough bearish momentum can be gathered to push lower towards 1.6280-1.6230 (prominent DEMAND zone).
Selling the GBP/USD pair at retesting of 1.6460 will probably be a valid option with SL as 4H closure above 1.6500.
Strict watching of price action at DEMAND zone of 1.6280-1.6230 should be carried out at retesting.