GBPUSD Before the ECB & UK GDP
It has been difficult maintaining a bullish view with GBPUSD declining from 1.3434 in September to 1.2486 in November. However, as long as 1.2485 remains intact the short & medium-term technical view remains intact.
GBPUSD has made a 5 wave move higher from 1.2485 to 1.2811 labelled black wave ((i)). We may now get a 3-wave correction lower labelled black wave ((ii)). Support is at 1.2620. If/when either 1.2620 & or 1.2485 remains intact price can move higher to target 1.3050 & even higher.
On a fundamental basis the US$ has declined for 9 out of the last 11 years in December.
If price trades below 1.2485 we shall allow for more weakness as a double correction. But, as long as 1.2037 remains intact the bullish scenario remains intact.
Wishing all readers an uber Happy Christmas and a very prosperous 2025.