GBP/USD is on the way towards the weekly supply area in a 38.2% Fibonacci retracement of the weekly bearish impulse. The following illustrates the bullish bias for the meanwhile on lower time frames although bears will be looking to take advantage of a discounted price with determination for a downside extension towards 1.2075.
From the weekly perspective, the bulls are in control within the correction that has so far yet to breach the 1.2530s and the 38.2% Fibo. The bears are attempting to guard the 1.25 areas as follows:
If the bulls manage to break the current resistance, there is little that stands in the way to the 1.2650s. If the bulls manage to break there, then the path will be opened for a run towards the 1.30s and prior support.
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