After months of a downtrend, GBPUSD is showing signs of a potential recovery. In recent days, the pair has risen by 120 pips, with expectations for another 120-pip increase. The pair was heavily oversold, attracting buyers who are now driving the price higher. Crucially, the price broke above the immediate resistance at the 23% Fibonacci retracement level.
The next key resistance lies near the 61.8% Fibonacci level, at 1.2590, precisely 120 pips above the current price. With the ongoing bullish momentum and strong buyer activity, we anticipate the pair could test this level soon. If the 61.8% Fibonacci resistance is decisively breached, it could signal further gains and potentially confirm a trend reversal, marking the start of a broader upward trajectory. The focus remains on the pair's ability to sustain this momentum and surpass critical resistance levels.
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