💱GBPUSD - Correction after the rally. Target 1.26525

GBPUSD after the formed reversal set-up is making a pullback down to the local support 1.26989. Ahead of the key level from D1, which is clearly interesting for the market.

TA on the high timeframe:
1) We have a strong uptrend. After the high is updated, a correction is formed
2) The target of the correction might be the level of 1.26525 on the B1, near the 0.382 Fibo level, which the price can test.

TA on the low timeframe:
1) Correction stops at 1.26989 support, most likely a pullback and retest could follow, after which I would expect price to decline to trend support.
2) After a strong rally, the price forms a correction to accumulate energy for further growth. The price is directed to the trend support
3) From the level of 1.26525, I expect the trend growth.

Key support📉: 1.26989, 1.26525
Key resistance📈: 1.28023

Commentaire:

A bounce is forming from the nearest support. If the price returns to retest the level, the task will be to break it. In this case the fall will continue to trend support