The dollar was up on Wednesday morning in Asia, at its highest level since the COVID-19 pandemic began and set for its best month since 2015. The prospect of aggressive interest rate hikes in the U.S., and a move towards safe-haven assets thanks to slowing economic growth in China and Europe, also gave the U.S. currency a boost.
The GBPUSD market is very bearish with pressing selloffs signaling a breakout under a 1.2510 low. Sustained action under 1.2510 could open up a selling wave to 1.2483, when broken ⇒ 1.2265. Corrective rebounds will likely struggle with the accelerating momentum of declines from the past several days. Only a close over 1.2944 (SAR) alerts for a sustained correction phase.