GBP/USD in correction mode now?

On Friday the GBP/USD fell to its lowest level since the outcome of the UK election back in July. The Pound fell to 1.2487. It later posted a weekly US close at 1.2530. It has pushed higher so far today and earlier this morning it managed to top the 1.26 handle, peaking so far at 1.2607. It is not much below that high just now. This is all about the dollar really and not the Pound. The dollar is certainly more on the back foot this morning and as noted that is all stemming from lower US yields today. Looking at broader picture and the fall in the GBP/USD from a September high at 1.3434, that more than 800 pip fall, there is certainly scope for a correction and in that respect we now highlight potential target points on that for this week, should the Pound continue to correct higher. The first is at 1.2710 and the next is at 1.2849. So, as you can see, both are still some way off from the current level, around 1.2600. The question is; can this rebound extend further this week? We shall see, but we should also note that the US markets are likely to wind down for the Thanksgiving holiday on Thursday. The GBP/USD is currently trading at 1.2601