Sterling is doing a correction against the Dollar to 1.2680 /1.2710. At which point it becomes overvalued, and retracts down to <1.25-1.24> on resurgence of Dollar strenght.
The longer term picture, depends on both Dollar & GBP microfundamentals, these could impact a re-test of <1.27-1.29>, on further Dollar weekness (easing of the 10yr US treasury yield on weaker employment / NFP & deflation), while inflation, and rates remain higher in the UK.
Between < 1.29-1.31> a massive failure would ensue talking the market to a retest of the 1.10-1.07 market bottom, on neccessity of an easing cycle by the British goverment & BOE, to resustate the economy out of the current recession going into & post UK elections 2024/25.
The immediate trade focus is to long into the GBP/USD market on Dollar dovishness, (Disinflation, NFP & FED tapering out of tightening policy) targeting 1.2680/1.2710> over coming 2-3 wks.
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