The GBPUSD chart indicates bearish momentum. A potential scenario involves a bearish reaction at the 1st resistance level, leading to a drop towards the 1st support level. The 1st support at 1.2541 holds significance as overlap support. The 2nd support at 1.2467 is a pullback support. On the resistance side, the 1st resistance at 1.2624 is an overlap resistance, and the 2nd resistance at 1.2724 is both an overlap resistance and a 78.60% Fibonacci Retracement level, underscoring its importance as potential resistance.
