GBPUSD: Temporary support at 1.27542
|What happened in the last 24 hours of the trading session
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GBP/USD: The Pound fell below 1.28850 as indicated in the previous update and suffered a considerable drop reaching the lows of 1.27835 before bouncing at 1.27542 support.
What is going on now
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GBP/USD: The Pound is currently trading at 1.27770 resistance and looking to hold above this point to continue to the upside. The overall trend is still in negative territory, but the situation could change if prices stay above 1.27770 and progress to the upside.
My thoughts on what may happen
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GBP/USD: The sell-off continued in today's session and had pushed the Pound to a significantly low price point. However, the current data present a falling wedge price pattern which indicates a potential tightening of the price range before breaking out. It may consolidate at 1.27770 and 1.27542 before making its next move. There is no clear direction yet, and it is best to wait for some confirmation of the price direction before attempting on taking a long position.
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Current support - 1.27542, 1.27395
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Resistance - 1.27770, 1.28020, 1.28230
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