Technical outlook:
A short term view has been depicted today for GBP/USD with support resistance and fibonacci studies. The hourly chart shows that the drop from 1.3080 levels might be complete around 1.2725 level and that a rally should materialize towards 1.3100 levels at least. Please make note that immediate resistance is seen through 1.3080 while support is seen at 1.2700/25 levels respectively. Also GBP/USD should ideally stay above 1.2725 levels for the above structure to remain intact and bulls to stay in control. On the flip side, a drop below 1.2700 levels would force us to re think on the structure and the proposed rally to be delayed further.
Trading plan:
Remain long stop below 1.2700, target above 1.3100 levels
Good luck!
