GBPUSD Chart Technical Outlook

GBPUSD Chart Technical Outlook develops a corrective structure, fading a dip is favored

GBP/USD stalled at the previous week’s low, overlapping with the 50% Fib. Retracement level. The cooling inflation supports the downside direction, but not-dovish-enough BoE doesn’t. Today’s UK Retail Sales can support prices, and PMI data are next.

Prices have broken below an expanding structure, highlighting the loss of the bullish momentum. A downside corrective structure is in play. Wave (b) is developing with a corrective sub-wave structure. I expect any dips to be short-lived and bounce higher to print wave c of (b).

Resistances are located at 1.2730 and 1.2800. Supports are seen at 1.2605-50.

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