The GBP/USD currency pair has recently witnessed a significant bullish move, breaking above the 1.2633 resistance level and rallying as high as 1.2700. This upside momentum suggests that further gains could potentially be in store for the pair in the coming days.
The initial resistance for the GBP/USD is currently situated at the 1.2700 level. If the pair manages to decisively break through this level, it could potentially trigger further upside momentum, potentially paving the way for a move towards the 1.2800 target.
However, it’s important to note that the path higher may not be without obstacles. The initial support for the GBP/USD is now located at the 1.2615 level. If the pair encounters selling pressure and fails to hold above this support, it could potentially lead to a pullback towards the rising trend line on the 4-hour chart, currently situated around the 1.2510 level.
In summary, the GBP/USD has staged a bullish breakout above the 1.2633 resistance, reaching as high as 1.2700. This development suggests that further upside momentum could be on the cards, with the 1.2800 level acting as the next potential target for the bulls.
However, traders should remain vigilant and closely monitor the price action around the 1.2700 resistance level, as well as the 1.2615 support and the rising trend line around 1.2510. A failure to surpass the 1.2700 resistance or a break below the 1.2615 support could potentially signal a temporary pause or correction in the uptrend.
Traders and investors are advised to stay agile and adapt their strategies based on the evolving price action in the GBP/USD currency pair.