GBPUSD Chart Technical Outlook has scope for a corrective dip, bulls await lower prices
GBP/USD printed a higher high this week but failed to stay at the high ground and retreated lower. There is room for a corrective pullback. The broad bias remains to the upside.
The UK calendar is light this week with no speeches from the BoE officials until the elections. It is busy in the US with the ADP data due today and NFP this Friday. Recent data supports a weaker USD, but investors are cautious and await more clues.
I expect a corrective bearish price action and the dip to find buyers later during the week. Supports are located at 1.2750 and 1.2700. Resistances are seen at 1.2800-15.
