In recent movements, GBPUSD has managed to extend its climb from 1.2596 to an impressive high of 1.2732.
The rise doesn’t seem to be stopping here, as further ascension is a possibility in the upcoming days. Subsequently, the target resistance sits at 1.2785, and should the pair manage to surpass this level, it could induce an additional climb to test the 1.2827 resistance. An even bigger feat would be targeting 1.2900 if the rise continues past this point.
Yet, we need to be aware of an immediate support level at 1.2660. A potential drop below this level could pull the price back down to retest the 1.2596 support. If the descent persists below this level, it could point to a move towards the 1.2500 area.