GBPUSD Chart Technical Outlook bears focus on 1.2535
GBP/USD – although we witnessed a correction to the upside from the AB=CD formation target of 1.2579, bespoke resistance at 1.2667 attracted selling interest.
We have broken out of an ending wedge formation to the downside. The measured move target is 1.2535. Bespoke support is located at 1.2535 and 1.2531.
Conclusion: there is no clear indication of a change in trend. 1.2535 is the projected target level.
Resistance: 1.2667 (bespoke), 1.2678 (bespoke), 1.2803 (swing high),
Support: 1.2575 (swing low), 1.2535 (bespoke and wedge), 1.2518 (swing low)
