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The GBPUSD price is currently fluctuating around the resistance line of the bearish channel, awaiting a negative catalyst that could push the price below the 1.2635$ level. A break of this support would activate the bearish implications of the double top pattern, with the first downside target set at 1.2566$.
Therefore, the bearish outlook remains intact for today, unless the price breaches 1.2735$ and holds above it, which would invalidate the negative bias.
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The expected trading range for today is between 1.2570$ support and 1.2710$ resistance.
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Trend Forecast: Bearish
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