GBPUSD: Remains In Consolidation Mode
As long as 1.2670 resistance holds on a daily closing basis, the GBPUSD remains neutral with risk to the downside. A failure to hold above 1.2670 level on a daily closing basis could mean a return to 1.2615 level where a cut will open 1.2559 level. Below 1.2559 restores the downside momentum and opens 1.2480 level, further down, support comes at 1.2402 level.
On the upside, the GBPUSD will have to break and hold above 1.2670 level on a daily closing basis to prevent a return to the downside. If seen it will target 1.2705/1.2756 levels. A halt is likely. But A break opens 1.2823 level, further upside, resistance comes at 1.2882 level.
Conclusion: The GBPUSD faces downside risk as long as trades below 1.2670 level on a daily closing basis. Above that level will challenge 1.2705/1.2756 levels.
Support: 1.2600 (minor), 1.2559 (main), 1.2480, 1.2402
Resistance: 1.2670 (critical), 1.2705, 1.2756, 1.2823