GBPUSD is lower on the day after retracing above the 50% retracement in the European session (at 1.2866). Price turned back to downside funding support near the 1.28000 level, but also remained below the 50% mid-level.

In today’s trading, it would now require a move below the 1.28000 level (and a 61.8% retracement of the move up from the June 29 low at 1.2801) to increase the bearish bias. The 50% center is now the risk level. Before that, watch the 1.2835 – 1.28486 area as potential early resistance.