GBP/USD’s decline last week suggests that corrective recovery from 1.2486 might have completed at 1.2810 already. Break of 1.2615 should affirm this case, and bring deeper decline through 1.2486 to resume the whole fall from 1.3433. Next target will be 1.2298 cluster support zone.
In the bigger picture, price actions from 1.3433 medium term are seen as correcting whole up trend from 1.0351 (2022 low). Deeper decline could be seen to 38.2% retracement of 1.0351 to 1.3433 at 1.2256, which is close to 1.2298 structural support. But strong support is expected there to bring rebound to extend the corrective pattern.
In the long term picture, as long as 1.2298 support holds, rise from 1.0351 long term bottom is expected to continue. But in any case, outlook is neutral at best as long as 1.4248 structural resistance holds.
