GBPUSD

Cable is strongly in red for the second day, after yesterday’s close below daily cloud top / Tenkan-sen line generated bearish signal.
Fresh acceleration lower in Asia took out support at 1.2443 (Fibo 61.8% of 1.2374/1.2553 upleg) and is currently pressuring 100SMA at 1.2413.
Weak near-term studies see risk of further weakness and full retracement of 1.2374/1.2553 upleg, to confirm lower top at 1.2553 and open way for deeper correction of larger 1.2107/1.2613 rally.
Political uncertainty maintains pressure on sterling that results in weakening daily chart bulls.
Yesterday’s low at 1.2463 marks initial resistance ahead of strong barrier at 1.2494 (session high / daily Tenkan-sen / cloud top) and only sustained break here would neutralize downside threats.

Res: 1.2463; 1.2494; 1.2522; 1.2553
Sup: 1.2414; 1.2401; 1.2374; 1.2360