Similar to EURUSD, GBPUSD was much in a range until US session when it rallied on data, but failed and came down. This down move continued to the Asian session now. TBH, based on price action, I would say that GBPUSD is more bullish, indicating upside for today but market is reacting differently. If I were to look for shorts, EURUSD would likely be a better instrument.
For now, price action is bearish. As long as the PZ holds, look for further downside; a rejection off the PZ for further down would be an added confirmation. First target would be to 1.2673 which is a level with yesterday's low.
If that does not hold, then downside target will be 1.2663 and 1.2639, both of which are strong levels. And if 1.2639 does trade today, good for a long for a good bounce.
For now, price action is bearish. As long as the PZ holds, look for further downside; a rejection off the PZ for further down would be an added confirmation. First target would be to 1.2673 which is a level with yesterday's low.
If that does not hold, then downside target will be 1.2663 and 1.2639, both of which are strong levels. And if 1.2639 does trade today, good for a long for a good bounce.
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