GBP/USD flexed up to the 1.2550 level. That zone runs from 1.2500-1.2523, and this filled-in on Wednesday of this week ahead of a break down to fresh two-year-lows.
The area of focus that appears most attractive for that scenario right now comes-in around the 1.2442-1.2450 zone that had provided support earlier in July. This can open the possibility of stops above this week’s high coupled with targets back at the 1.2400 level; after which break-even stop moves could be investigated along with deeper profit targets looking for a continued break-down to new two-year-lows.