The pound is still likely to weaken

The short-term trend of the British pound against the US dollar is down to the 100% Fibonacci estimate at 1,2655. With the breakout of these levels, GBPUSD will reach 161.8% at 1,2258.

From the buyers’ point of view, if the 1.2822 partial resistance is broken, the GBPUSD market will be neutralized.

* Technical H4 analysis of GBPUSD

* Technical daily analysis of GBPUSD