GBPUSD has broken above the 1.2447 resistance level and reached a high of 1.2583. This suggests that the uptrend from the September 2022 low of 1.0352 has resumed.
If the current momentum continues, a further rally in GBPUSD could be expected in the next couple of weeks, with the next target being around the 1.2800 area.
In terms of support levels, the near-term support for GBPUSD is at 1.2343. As long as this level holds, the bullish trend is likely to remain intact. However, if the price breaks down below this level, it could signal a reversal of the uptrend.
If GBPUSD does break down below 1.2343, the next key support level to watch for is around the 1.1900 area.
