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Knowing what happens on the higher TF is crucial to trading the short term. There's going to be longs and shorts during this time but knowing the range you trade within can help determine where the price might go and where it may turn around.

In this case GBPUSD is in a downtrend and until it breaks the swing high at 1.23, the assumption is price is still bearish and that 1.14 is a weak swing low.