GBPUSD rose to 1.2589 in the early hours on Friday after carving a potential low around 1.2450 earlier this week. The bullish move has been supported by the Fibonacci 0.50 retracement of the recent upswing as seen on the daily chart. Bears will be now poised to hold prices below 1.2665 to keep the near-term structure intact.
GBPUSD bulls have managed to carve a meaningful lower degree upswing between 1.2150 and 1.2665 earlier. Also, note that the initial resistance in the 1.2640-50 zone has been taken out. Since then, bears are working to produce an Up Gartley corrective structure towards 1.2350, before prices resume higher again.
GBPUSD is now looking to unfold its last wave within the corrective phase, and drag prices through 1.2350. Also, note that 1.2350 is passing close to the Fibonacci 0.618 retracement of the above upswing. The high probability remains for a bullish bounce if prices manage to reach there over the near term.
Trading plan:Potential short-term drop through 1.2350, then rally towards 1.3000 against 1.2100
Good luck!