FX.co ★ GBP/USD

Hello traders, I would like to analyze GBP/USD on the daily timeframe. The price has risen significantly recently. Buyers are extremely strong, indicating that they may continue to push the price higher. Today, the price tested the 50% Fibonacci retracement resistance, and I have a forecast for a reversal as a correction from the uptrend is needed. The upward movement has been too prolonged. It is time for a downward movement, even if it is minor. If the price forms a correction, I expect it to retrace to the 23.6% level and then bounce back up towards the 61.8% level around 1.3450. This is a strong resistance, so I anticipate a reversal from that point. The key direction for GBP/USD is currently downward, with the current movement being a correction. Ultimately, I expect the price to reach the target level of 61.8% around 1.2750.