Technical outlook:
GBPUSD slipped through the 1.2170 lows on Thursday before finding support again. The currency pair is seen to be trading close to 1.2275 at this point in writing and is expected to continue pushing higher through the 1.2665 mark at least in the near term. The structure remains bullish until prices stay above the 1.1930 mark going forward.
GBPUSD has completed its larger degree corrective drop, which began at the 1.4250 highs earlier. The complex corrective structure might have terminated towards the 1.1930 lows recently as bulls came back strong thereafter. If the above-proposed structure holds well, prices would stay above 1.1930 and turn higher towards the 1.2665 initial resistance in the near future.
GBPUSD also managed to carve a lower degree upswing between 1.1930 and 1.2405 in the past few trading sessions. Prices further retraced through the Fibonacci 0.50 level close to the 1.2170 mark. The potential remains for a drop through the 1.2110-20 levels before the rally could resume higher again.
Trading plan:
Potential rally through 1.2665 and 1.3150 against 1.1800
Good luck!
