GBPUSD

Cable is in near-term recovery from last week’s low at 1.2635, where pound fell after disappointing results of UK election.
Limited corrective action is expected, with daily cloud / 55SMA offering strong barrier at 1.2776, which should ideally cap.
Friday’s long red daily candle weighs heavily for renewed downside attempts towards targets at 1.2619 (100SMA); 1.2573 (200SMA) and 1.2548 (daily cloud base).
Daily Tenkan-sen (1.2806) and Kijun-sen (1.2841) are in bearish setup and maintain pressure.
Alternative scenario requires close above Kijun-sen to sideline downside risk and signal further retracement of last Friday’s 1.2955/1.2635 fall.

Res: 1.2776; 1.2806; 1.2841; 1.2883
Sup: 1.2708; 1.2635; 1.2619; 1.2573