Since mid-April, GBPUSD is moving in a consolidation between support at 1.2660 and resistance at 1.3030. Less than two weeks ago, it seemed that bears will win and support area 1.2660 would be broken. However, this did not happen and bulls after a temporary descent below the support managed to derive a dynamic reflection that ended again last Friday at 1.3030 resistance.
Currently a obvious scenario seems to be a further reflection towards lower edge of consolidation. But demand is still not giving up what is particularly visible in long shadows of last candles on H1 interval. Probable scenario for today’s session is to return to 1.3030 resistance, but its successful breaking seems unlikely at this moment.
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