GBP/USD made to our first downward target at 1.2790. I see that there is still more downside potential and eventual test of our next downward targets at 1.2700 and 1.2545.
Orange upper rectangle – Main support levels and our downward objectives
Upward slopping purple line – Broken rising wedge pattern and bear flag
MACD is showing new momentum down on GBP, which his good sign that we got fresh new money to the downside. You should focus on managing your short position and eventually exit around 1.2700.
Intraday preferences: I would scalp selling on the rallies.
