GBPUSD Chart Technical Outlook trades north on hawkish BoE, bulls target 1.2825
GBP/USD might have completed a five-wave corrective structure (abcde), or the fifth one is still in play. Both scenarios point bullish to an upcoming price action, either immediately or after a dip.
The BoE meeting was dovish – two votes for hiking rates and one for a cut. The short-term inflation was revised lower but revised higher afterward. The Fed meeting was also hawkish, but Governor Jerome Powell’s speech was not convincing enough except for the comment about not cutting rates in March’s meeting.
NFP is on the agenda today. This could be the one to define the sentiment shortly.
I expect an upside price action. If NFP surprises higher, the pair could print another corrective leg down.
Resistances: 1.2825, 1.2900
Supports: 1.2670, 1.2500
