The U.K will report on Services PMI for Jun today at 08:30 GMT. The forecast is to remain the same as the previous month at 51.0. Technically: The pair remains under pressure but the assumed target has been reached at 1.2555 levels. So, a corrective recovery could be seen to the upside. Resistance comes at 1.2600 levels ahead of 1.2640 levels (main). Above 1.2640 sees recovery threats to 1.2695/1.2745 levels.
On the downside, a sustained breakout -daily closing- below 1.2555/1.2530 paves the way to 1.2480 levels, further down, support comes at 1.2418 levels.
Conclusion: The GBPUSD still faces downside threats below 1.2640 levels. But we might see some hesitation around 1.2555/1.2530 levels. So watch out; don’t seel the around this level wait for for a corrective recovery to 1.2600/1.2640 levels or for a break below 1.2555 levels.
Note: The pair may dip to 1.2530 before a strong/sudden rebound?!!