The GBPUSD price ended yesterday below 1.2695$ level, to confirm the beginning of the bearish correction for the bullish wave measured from 1.2070$ to 1.2893$, on its way to visit 1.2580$ that represents 38.2% Fibonacci correction for the mentioned rise.

Therefore, the bearish bias will be suggested for today, taking into consideration that breaching 1.2700$ will stop the expected decline and lead the price to regain the main bullish trend again.

The expected trading range for today is between 1.2580$ support and 1.2745$ resistance.

Trend forecast: Bearish