The GBPUSD recently broke above the 1.24 round number level and the 1.2450 high which has held since December 2022 to claim a new high of 1.2525.
While the next major resistance level beyond 1.2525 is at 1.2650, the GBPUSD could retrace down to retest the 1.24 support area which not only coincides with the 50% fib level in the short term but also the 23.6% level in the longer term and the upward trendline.
Look for a possible rejection of the support level to signal a continuation of the upside, especially if the GBPUSD breaks above the 1.2525 price level and the DXY continues to weaken significantly.
While the next major resistance level beyond 1.2525 is at 1.2650, the GBPUSD could retrace down to retest the 1.24 support area which not only coincides with the 50% fib level in the short term but also the 23.6% level in the longer term and the upward trendline.
Look for a possible rejection of the support level to signal a continuation of the upside, especially if the GBPUSD breaks above the 1.2525 price level and the DXY continues to weaken significantly.
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