GBP/USD Technical Analysis: Bearish Correction Expected in Bulli

Based on the GBP/USD chart analysis and considering the information, here are my expectations for the next 4 weeks:

General trend: The long-term trend appears to be bullish, with the price above all major moving averages (MA Ribbon). However, a correction has occurred in recent weeks.

Technical analysis:

The price has recently broken below the 20-period moving average, indicating a possible weakening of the short-term bullish trend.
Bollinger Bands (BB) are narrowing, suggesting a possible consolidation phase.
The Stochastic RSI shows a bearish crossover in the overbought zone, indicating potential further downward movement in the short term.
Key levels:

Support: Area around the 55-period moving average (green line in the MA Ribbon).
Resistance: Recent highs around 1.3150-1.3200.
Expectations for the next 4 weeks:

Weeks 1-2:

Likely continuation of the bearish correction or sideways consolidation.
The price might test the support around the 55-period moving average.
Potential bearish target: 1.2900-1.2950.
Weeks 3-4:

If support holds, we could see a bounce upward.
In case of a support break, the bearish movement could extend towards the 100-period moving average.
Possible formation of a reversal pattern (double bottom or inverse head and shoulders) if the main bullish trend should regain strength.
Factors to monitor:

Upcoming economic data, especially related to inflation and the labor market in both the UK and US.
Monetary policy decisions from the Bank of England and the Federal Reserve.
Geopolitical developments that could influence global risk sentiment.
Trading strategy:

Short-term: Consider short positions with targets around 1.2900-1.2950, with stop losses above recent highs.
Medium-term: Look for buying opportunities on significant pullbacks, especially if the price finds support around the 55 or 100-period moving average.
Use stop orders and actively manage risk, given the potential volatility.
Remember that these are projections based on technical analysis and available information. Unforeseen events or significant economic data could quickly alter this scenario. It's always advisable to adapt the strategy based on market evolution and use appropriate risk management.