GBP/USD has been trading upwards in recent 24 hours. I found that GBP is in overbought zone near the upper trendline. My advice is to watch for potential selling opportunities with the possible targets at 1.2590 and 1.2485.
Parallel upward slopping lines – Upward channel
Yellow rectangle – Important support level and objective
Purple falling line – Expected path
GBP looks very extended at this point, I would watch for potential selling opportunities. I do expect at least corrective down to 1.2590. Watch for selling divergence on the hourly to confirm downward rotation. Second target can be placed at the price of 1.2485.
