Currently, the GBP/USD chart is displaying a bullish momentum, indicating potential for a continuation towards the 1st resistance at 1.2546. If the price manages to break through this level, it could potentially rise further towards the 2nd resistance at 1.2598, which is a significant swing high resistance.
In the event of a reversal, the price could find support at the 1st support level of 1.2383, which has previously acted as a strong level of support. A break below this support could lead to the next level of support at 1.2339, which is also an important overlap support.
Moreover, there is an intermediate resistance at 1.2503 between the current price and the 1st resistance. A break of this intermediate resistance could lead to a strong bullish acceleration towards the 1st resistance level.
