GBPUSD Chart Technical Outlook scope for a substantial upside correction
After a period of consolidation, we are seeing buyers emerge again this morning.
The two-hour chart highlights an expanding wedge formation with a bias to break to the upside.
We have two supply zones. The first is located between 1.2480 and 1.2499. The second is seen at 1.2533 and 1.2564. Bespoke resistance is located at 1.2600. Using the supply zones as resistance barriers highlights a 261.8% extension level at 1.2601.
Resistance: 1.2480-99 (supply), 1.2533-64 (supply), 1.2600 (bespoke)
Support: 1.2430 (projected support), 1.2405 (swing low), 1.2365 (61.8%)
