GBP/USD has shown a rebound from the 1.2547 level, climbing as high as 1.2745. There is potential for a further rally in the coming days to test the 1.2817 resistance level. A break above this resistance level would indicate that the downside movement from 1.3141 to 1.2547 has already completed. In such a scenario, the next target for the pair would be at the 1.2995 resistance level.
On the downside, if the 1.2817 resistance level holds, the bounce could potentially be a period of consolidation within the overall downtrend. In this case, we could see another decline towards the 1.2547 support level after the consolidation. A move below 1.2547 would target the 1.2500 area.
It is important to closely monitor the price action in GBP/USD, particularly around the 1.2817 resistance level, to assess whether the pair continues its bounce or resumes the downtrend. This will help determine the potential direction of future price movements.
