GBPUSD Chart Technical Outlook has a pivot resistance at 1.2700 ahead of FOMC minutes
GBP/USD is correcting inside a bearish channel in what can be a five-wave structure. There is room for an upside leg to complete the fourth wave. The measured move target of an AB=CD pattern is 1.2710. A break above 1.2670 confirms the short-term bullish bias.
The USD index (DXY) trades at support. It can be muted before the FOMC meeting minutes due later in the day, as investors might be cautious. The last meeting was hawkish. If the minutes confirm the bias, USD should trade higher.
I expect the pair to creep higher, but gains should be limited and fade later.
Resistances: 1.2700, 1.2790
Supports: 1.2560, 1.2425
