For the pound / dollar pair, the key levels on the H1 scale are: 1.2254, 1.2192, 1.2158, 1.2099, 1.2069 and 1.2021. Here, we are following the July 19 downward cycle and the local downward structure on July 31. Short-term movement to the base is expected in the range 1.2099 - 1.2069. Breakdown of the last value will allow us to estimate the movement to a potential target - 1.2021. From this level, we expect the beginning of the correction. Short-term upward movement is possible in the range 1.2158 - 1.2192. Breakdown of the last value will cause the formation of initial conditions for the peak point. Here, the potential target is 1.2254. The main trend of the cycle declined July 19, local structure July 31. Trading recommendations: Buy: 1.2158 Take profit: 1.2191 Buy: 1.2194 Take profit: 1.2254 Sell: 1.2099 Take profit: 1.2070 Sell: 1.2067 Take profit: 1.2025