Ella 
We expect GBP/USD to trade between 1.2455 and 1.2525 yesterday. However, GBP/USD traded in the lower range of 1.2434/1.2511, ending little changed at 1.2490 (-0.04%). Price action appears to be consolidating and we still expect GBP/USD to trade in the 1.2440 – 1.2530 range.
Outlook for the Next 1-3 Weeks: Our latest view, from two days ago (September 12th when the price was 1.2505), is that “the downward momentum has slowed” and “if GBP/USD breaks through 1.2555, it means GBP/USD No further weakness is expected. Despite the decline, the downward momentum has not improved further. That said, as long as 1.2555 is not breached (the “strong resistance” level remains unchanged), GBP/USD is likely to fall to 1.2400 before stabilization is expected .If GBP/USD breaks above 1.2555, it would mean that the weakness that started early last week has stabilized.
