GBPUSD Recovered, But the Bearish Target Remains 1.32

[m_c_jacob]

As I explained a few days back, GBPUSD reversed from resistance and confirmed the bearish case by breaking under the confluence support zone.
The market reached as low as 1.3450, before recovering part of the losses, with price currently hovering near the 1.3500 handle.

The key question now: is this just a corrective bounce, or the start of a deeper reversal?

From my perspective, the broader structure still favors the downside:
• The recent recovery looks corrective in nature, lacking strong bullish momentum.
• The previous confluence support is now acting as resistance.
• Macro factors and USD strength remain supportive of further GBP weakness.

As soon as this correction completes, I expect the bearish leg to resume, with 1.3200 remaining my downside target.

For traders, this means opportunities will likely appear on short setups after spikes into resistance, as long as 1.36 is not decisively reclaimed.