Black line- resistance
Red line- support
Recent price action in GBPUSD made us redraw the important support area around 1.2560-1.2570. Price formed a higher low around 1.2570 and is bouncing once again. The important support level according to recent price behaviour is considered to be around 1.2550-1.2560. GBPUSD has formed a descending triangle pattern with lower highs and the chances favor a break down below 1.2550 towards 1.2350-1.24. Resistance is at 1.2695 and as long as we trade below this level, bears have the upper hand.