GBPUSD chart analysis

Pair GBPUSD fell to a new August low at 1.26200 level yesterday. After that, the pound manages to stop the fall at that level and start a recovery. During the Asian trading session, the pair climbed above the 1.27000 level and formed a high at the 1.27450 level. We failed to break above, and a pullback followed. We are now back at the 1.27000 level and trying to get support at this level.

We need a negative consolidation and a drop below the current support for a bearish option. After that, we would see a pullback to the previous low at 1.2620l. Potential lower targets are 1.26000 and 1.25750 levels.

We need a positive consolidation and movement of GBPUSD to 1.27500 levels for a bullish option. Then, we should try to consolidate there before we start the recovery. Potential higher targets are 1.27750 and 1.28000 levels.