Gbpusd fell strongly yesterday to the bearish target of 1.2566 as expected, but was strongly supported and even slightly bullish here. However, if the decline resumes and breaks below the support of 1.2566, GBP/USD is likely to continue to fall, with the first short target of 1.2505. If it falls further, the bears will move to 1.2460. Today I expect GBP/USD to trade between 1.2500 and 1.2660.