Ella 
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Yesterday, we thought GBP/USD “could test 1.2555 before moving flat. However, GBP traded relatively calmly between 1.2460 and 1.2531. Price action appears to be consolidating. Today, we expect GBP/USD to trade between 1.2455 and 1.2525.
Outlook for the Next 1-3 Weeks: We have been negative on GBP/USD since the start of last week. Yesterday (September 12, when the price was 1.2505) we noticed that the downward momentum had slowed. We highlight: “A break above 1.2555 would imply no further weakness in GBP/USD. We continue to hold the same view.”
