GBPUSD Breakdown Analysis

Looking at the 1H chart on GBPUSD , I want to see price retrace to the 62% - 70.5% Fibonacci Retracement area, and then look for confirmation for a buy opportunity to hit the key areas ( Target areas ) highlighted on the chart. COT reports show and extreme Low for the Pound which might show smart money to go long very soon. The weekly TF shows a Bearish channel between 2 TL's where price is currently testing the bottom TL, if respected, it will just be more confirmation for a buy.