In view of Karen Jones, analyst at Commerzbank, GBP/USD pair is attempting to stabilise very near term, but remains contained by 2 month downtrend at 1.2538 today.

“This maintains an overall neutral to negative bias very near term and we would allow for a retest of the 1.2382 recent low. This may again hold as there is a distinct lack of downside momentum. Below 1.2366 (April 2017 low) we have very little support until the 1.2108, the 78.6% retracement of the entire move up from the 2016 low. What is interesting is that we have a 13 count on the weekly chart, however there remains scope for a further sell off - TD support lies at 1.2184. Above the downtrend this would introduce scope top the 55 day ma at 1.2658 and the June high at 1.2784. A rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).”