Looking at the GBP/USD chart, we can see its fall from the 1.2575 range to the low of 1.2425, where it bounced strongly, climbing back to the 1.255 level and reaching as high as 1.26. Since then, and after some choppy price action, it fell lower to the 1.2478 range where it was last found trading, having the 1.2425 range as the closest support level and 1.255 acting as the closest temporary overhead resistance.
Today we can expect a move towards the 1.255 closest temporary resistance. However, if it doesn’t manage to hold on to the current level, we could expect a move close to the 1.2425 support level.
