GBP/USD Reaching For 1.2700

Latest upward reaction on GBP/USD was made by three waves and has stopped near 1.3000 psychological level from where price turned south, beneath the corrective channel support line.

This suggests that more weakness is in play now for wave five of five towards 1.2700. Only rise back to 1.3300 would be a trend-changer for cable, which is far away at this stage so we will stick with bearish view for now, but it may become interesting for bulls once new low in red wave 5) is made.

GBP/USD, 1H

GBP/USD Hourly Chart

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