Looking at the GBP/USD chart, we can see the sideways price action from May 25 until yesterday’s session, trading in the channel between support of 1.2563 and overhead resistance of 1.2658. Early in June 2 session, we can see the leg down, breaking support and falling in the 1.2475 range and forming a new support level near the 1.2456 level.
However, near the end of the same day, we can see the bounce to the 1.2525 level, and earlier today, it moved higher to 1.2574, where it was last found trading. Today we can expect a move back in the 1.26 range, making it again in the previous trading range of last week.
However, if it doesn’t manage to hold on to the current level, we could expect a move below the closest temporary support at the 1.2563 and a move near the 1.2525 range.
