On the GBPUSD daily chart we can see that the pair is still locked within rising wedge (usually bearish), and is rejected from 100 SMA 1.2767 level. The pair need to break this level to the upside for continuation of short term rising trend. Any weakness below 1.2420 would confirm the wedge as bearish and open the door for extended downside.
Happy trading! (click on the chart to enlarge it)
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