GBP/USD upside correction over now?

As you surely know now, the GBP/USD fell foul of important technical resistance on Friday. That was the 200 day moving average, then at 1.2822 and it had been flagged here many times prior to that. The Pound stalled at 1.2811 on Friday afternoon and later closed at 1.2744. The low seen earlier this morning was set at 1.2717. Technical support is in place today at 1.2710 and of course that 200 day is very much still capping the topside. That is unchanged today, at 1.2822 and it is likely to remain a tough level to crack this week, as indeed it clearly was last week. The question now; has the move to 1.2811 on Friday defined enough of a correction from the November 22 low, at 1.2487? That is certainly possible, all the while the Pound cannot rise back above 1.2822 on a sustained basis. The GBP/USD is currently trading at 1.2729