GBPUSD is trading around 1.2511 and despite yesterday's bounce higher towards 1.2585, we did not see a follow through today as price is under pressure in negative territory. Price remains below the key medium-term downward sloping resistance trend line. This implies that GBPUSD remains vulnerable to more downside.
GBPUSD has support at 1.2455. Failure to hold above this level will add pressure to price and mist probably push it towards 1.23-1.22.Bulls need to push price above 1.2675 in order to change short-term trend to bullish. First step for bulls will be to defend 1.2455. Concluding, with price still below the red trend line, we focus on the bearish side of the market looking for price bounces to sell. A break above resistance will change our view and we will focus on bullish setups and opportunities to buy.
