GBP/USD has been trading downwards. The price tested the level of 1.2670 and it rejected. We see the current market situation like potential end of the downward corrective phase (abc).
Gray rectangle – swing low support (1.2670)
Red horizontal line – Upward objective 1.2760
GBP/USD has been trading downward but GBP found support at 1.2645. According to the H4 time-frame, seems like the downward correction has been completed, which is sign that upward movement is expected. Stochastic oscillator seems on the oversold zone and MACD is still in positive teritory, which is sign that buyers are still present. The projection for the upward target is set at the price of 1.2760. Watch for buying opportunities.
