GBP/USD traded near 1.2884 over the past 4 days, putting strong selling pressure on it. Most likely, it will be broken today after the highly-anticipated speech of Fed Chairman Jerome Powell.
Aside from 1.2884, the level of 1.2626 could be a second target for short positions.
The situation calls for cautious trading, particularly of long positions, at least until the false breakouts of the above-mentioned levels.
This trading idea came from the "Price Action" and "Stop Hunting" methods.
Good luck in trading and don't forget to control the risks! Have a nice day.