Looking at GBPUSD Chart, we can see its fall from the 1.2575 range on the 28th of April to the low of 1.2425 on the 29th of April 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.
If however, it doesn’t manage to hold on to the current level, then we could expect a move close to the 1.2425 support level.
(Click on image to enlarge)
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