As I mentioned last week, I’m closely monitoring the GBP/USD pair for a potential upside reversal.
This expectation is based on the recent overlapping decline, which is contained within a channel, as well as the proximity to a significant support level.
In recent days, the pair hit a local low of 1.2912 before reversing toward 1.3000 and beginning a consolidation phase.
I believe it’s only a matter of time before GBP/USD clears the 1.3000 mark, potentially accelerating toward a target around 1.3150.