GBP/USD is still in an uptrend

Though GBP is under pressure because of UK political drama and higher inflationary pressure in 30 years, inflation rose to 5.4% yearly.

But still GBP/USD in uptrend. Since the 8th of December, 2021, GBP/USD has been rising, so a downward correction is expected.

If we take swing low at 1.3160 and swing high is 1.3750, then 1.3450/1.3460 s the Fibonacci 50% retracement zone and 61.8% retracement zone nearly 1.3385 price zone. So, If GBP/USD is correct from 1.3450 to 1.3385, it still will be in an uptrend.

SO, as long as GBP/USD holds above the 1.3385 price zone, can we expect that GBP?USD will rise, and even fundamentally, GBP is strong enough. Though I am not expecting GBP/USD to test Fibonacci 50% or 61.8% price zone, it may rebound from Fibonacci 38.2% area.

As the swing high is 1.3747/1.3750 price area, after breaking above it, our first target to the upside is 1.3837 price zone, and the final target to the upside is 1.3961 price zone.

But if GBP/USD correct nearly 50% or 61.8% price zone, we should keep our 1st target at 1.3747 price zone.

On the other hand, if GBP/USD breaks below the 1.3385 price zone, it may test the 1.3287 price zone, breaking below 1.3287, our final target to the downside is nearly 1.3200 price zone. Though I am not expecting GBP/USD will drop more.