GBPUSD is approaching our first support at 1.2797 (horizontal overlap support, 50%, 76.4% fibonacci retracement, 100% Fibonacci extension) where a strong bounce might occur above this level to our major resistance at 1.2973 (horizontal swing high resistance, 38.2% Fibonacci retracement). Stochastic (89,5,3) is also approaching support where we might see a corresponding rise in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.