Chart of the day

GBPUSD is breaking below 1.2507 for a downside continuation. A bounce from here and a break above 1.2700 are required for the upside reversal and a downside invalidation.

This retest of the broken downside resistance is an indicator of a continuation down and we have a BOE decision today which will probably give us a directional price action but so far it is pointed to the downside.

_{Look for the short trade entries with a stop loss above 1.2700. Long trades you can take in the case of a confirmed price action break above 1.2700.}