The GBP/USD instrument currently has a bearish overall momentum. However, factors indicate a potential bullish scenario as the price is above a major ascending trend line, suggesting the possibility of further bullish momentum. The price could potentially react bearishly at the first resistance level and decline to the first support level. The first support at 1.2905 is significant as it represents an overlap support. The second support at 1.2824 is also an overlap support, further strengthened by its positioning at the 61.80% Fibonacci retracement level. As for resistance levels, the first resistance at 1.2973 is important as it represents a pullback resistance and is located at the 50% Fibonacci retracement level. The second resistance at 1.3057 is a pullback resistance, further reinforced by its position at the 78.60% Fibonacci retracement level.
