• The pair broke below the ascending trend line in May, one that has been intact since Oct 2022 • Bulls managed to break above the line in mid June but failed to sustain the move • Bulls and bears are now fighting around the trend line from above and below • Either of the two needs consecutive big bars above or below the line to get the upper hand • Immediate support comes at 1.2690-1.27 ( previous resistance that became support ) followed by 1.245 (previous resistance became support) • Markets are assessing the economic situation in the UK as the central bank keeps raising interest rates to fight the sticky inflation might eventually hurt the economy • Trend remains bullish as long as above the 1.2690-1.27 and bears need a break below that level to get back in control