For the past 2 weeks GBPUSD went up with 400 pips and this is why we believe we might be looking at a trend reversal. The strong bullish momentum is confirmed by the Golden Cross, a classic buy signal, which supports the hypothesis that buyers are again in control. After reaching a swing high at 1.2550, we registered a minor pullback, triggered by profit taking. The 120 pips correction stopped at 1.2430, which aligns with the 23% Fibonacci retracement level. This level has been a historic support zone, where corrections find their bottom and prices are expected to pick up with the current trend. Indeed, GBP/USD bounced off the 23% Fib with 30 pips already and we expect the price will revisit the are around 1.26, before we see another correction.
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