GBPUSD has made a notable move as it successfully broke above the key resistance level at 1.2690. This breakout suggests potential further upside momentum for the currency pair, with the next target being the 1.2758 resistance level. Traders will closely monitor price action around this level for confirmation of a sustained upward move.
The recent breakout above 1.2690 has the potential to indicate that the previous downward move from 1.2847 has already completed at the recent low of 1.2590. If the price manages to surpass the 1.2758 resistance level, it would provide further confirmation of the completion of the downward move. In such a scenario, traders may expect the pair to target the 1.2847 previous high as the next significant level to overcome.
Support for GBPUSD currently rests at 1.2590, which held as the recent low. A break below this support level could potentially trigger another downward move, with the next target being the 1.2520 level. Traders will closely monitor price action around this support level for any signs of a reversal or continuation of the bearish sentiment.
In summary, GBPUSD has broken above the key resistance level at 1.2690, indicating the potential for further upside momentum. Traders will closely watch for a sustained move above the 1.2758 resistance level as confirmation of the completion of the previous downward move. The next target would then be the 1.2847 previous high. On the downside, support is seen at 1.2590, and a break below this level could trigger another downward move towards 1.2520. Traders should stay informed and monitor relevant market factors to navigate potential trading opportunities in GBPUSD.