GBPUSD Correction in GBPUSD could be done after touching the 0.618 retracement at 1.28.
A rebound and uptrend resuming is likely as the medium-term uptrend is intact and RSI still positive with no divergence.
However, if GBPUSD breaks below 1.2795 it could dip down to the 0.786 retracement at 1.2708 testing the lower rising trendline in the process. That will not demolish the bullish picture. A close below 1.2590 will.
Medium-term trend is still bullish supported by RSI (weekly chart). There should be room up to the 0.786 retracement at 1.3012 and resistance area around 1.3025. The Bullish scenario is supported by positive RSI with no divergence.
A break above could take GBPUSD back to levels not seen since Q1/Q2 2022 just prior to the massive sell-off around 1.3745. A close below 1.2590 will demolish the bullish picture and a downtrend is likely to unfold