GBP/USD--> Bulls pause, uptrend still intact
GBPUSD entered a temporary corrective phase after a two-day rally, pulling back to the 1.2300 region during the early European session on Wednesday. This move comes as the U.S. Dollar regains strength amid heightened demand for safe-haven assets, driven by growing trade war concerns under the Trump administration.
On the 4H chart, despite the current dip, the broader structure remains bullish. The pair continues to trade above the EMA 34 and EMA 89, which are acting as dynamic support levels. Additionally, the formation of higher lows underscores the strength of the upward trend.
Key Levels to Watch:
0.618 Fib retracement at 1.2288: A potential area for bulls to regroup.
0.5 Fib retracement at 1.22363: The next major support zone if the correction deepens.
A sustained hold above these levels could fuel renewed buying momentum, potentially setting the stage for a continuation of the broader uptrend.
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