Technical analysis:
GBP/USD has been trading downside as I expected and the price reached first downside objective at 1.2660. I still see potential for the further drop towards lower level at 1.2500
Due to the breakout of the rising trend-line and strong downside momentum, I see potential for the further drop towards lower reference.
Downside objective is set at the price of 1.2510
MACD oscillator is showing strong downside momentum, which is good confirmation for the further drop.
Key resistance is set at the price of 1.2760