GBPUSD is approaching our first resistance at 1.2986 (horizontal overlap resistance, 23.6% Fibonacci retracement, short term descending line) where a strong drop might occur below this level pushing price down to our major support at 1.2774 (horizontal swing low support). Ichimoku cloud is also facing bearish pressure. RSI is also approaching resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.