Technical outlook:
The GBP/USD pair seems to be preparing for a rally past 1.3140 levels in the next the next few trading sessions. For this wave structure to remain intact, GBP/USD needs to hold above its interim support around 1.2700 levels as depicted on the 4H chart here. Please note that immediate resistance is seen at 1.3050/60, followed by 1.3160 as seen here (not labelled), and a push through those levels would be required for bulls to remain in control. Furthermore, if and when prices break above the next line of resistance around 1.3200 levels, we should see further push through 1.3350 and 1.3470 levels respectively. On the flip side, a drop below 1.2700 levels, would delay matters further.
Trading plan:
Long now, stop below 1.2700, target is 1.3050 and 1.3160 short term
Good luck!
