In an unexpected turn of events, GBPUSD has broken below the 1.2660 support level, implying that its previous uptrend from 1.2596, which peaked at 1.2747, has already concluded.
The ongoing descent from 1.2747 is viewed as a likely correcting phase for the preceding rise which had started at 1.2596. Despite the current fall, a recomposure of the upward move to test the 1.2747 level is still anticipated in the forthcoming days. Bustling past this level could set the ball rolling for another rise aiming for the 1.2685 resistance. A successful leap over this will then place the target at 1.2785 resistance.
However, don’t lose sight of an immediate present support at 1.2647. A break beneath this level could spur another descent to retest the 1.2596 support. A break below this level might pave the way towards a further plunge, possibly targeting the 1.2500 zone.