On Sunday, I stated that a close above 1.2530 for GBPUSD would signal strength. The 1.2530 area was responsible for rejecting buyers in late June and again on July 2nd. It was also support before that during the first half of June. Notice how Tuesday’s session cleared 1.2530 with a 1.2540 close. It should come as no surprise then to see GBPUSD catching a bid so far on Wednesday after retesting 1.2530 as new support. So where to from here? As long as 1.2530 holds as support on a daily closing basis, I favor a move into 1.2680 and perhaps 1.2780. The latter is the recent swing high in June. Alternatively, a daily close ... (full story)