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Overall, GBPUSD has undergone a significant correction (as shown on the 3M chart) with the price falling above the 1,450 level. It is currently trading at a new high of 1,257 after touching 1,038, marking a gain of nearly 27%.
As Ralph Benjamin mentioned in the analysis, GBP is currently in a correction phase with a recovery trend, receiving support at 145.00. However, overcoming the 1.2694 resistance looks challenging and remains on target.
According to the Fibonacci tool from Trading View, after the recovery period and surpassing the 0.786 (1.02694) mark, it will strengthen the prospects for the next trend of this currency pair. I expect that after the breakthrough there will be a period of consolidation and accumulation. According to statistics, the strongest volatility is after the breakout, meaning the Uptrend can become even stronger if it receives strong buying pressure from this support level.
Ralph Benjamin still maintains strong belief in the uptrend in the near future. Once the 1.2694 resistance is broken, there will be nothing stopping GBP from moving higher, if the rally continues, the next GBPUSD recovery points will be 0.618 (1.4503) and 0.5 ( 1, 5773)
