JP Morgan: We must be careful with the pound as the bulls remain in control of the situation

The break of support around 1.2430/20 last week has a negative impact on the dynamics of the British currency, and now the pair found support near 1.2360, as analysts of JP Morgan advised to be careful.
In the bank warned that a break below 1.2316/00 will signal the return of the couple to a model of consolidation and the support moves to 1.2229 then the focus will be on 1.1988.
So far, the banking scenario is consolidation of the pair in the short term and new test of the resistance above 1.2631. The ability of the pound to overcome the last resistance is a sign of support for the Bulls, who hope for formation of bottom, as a way opens to test 1.2839 and then 1.3187.