I warned about the potential for this move earlier here, alongside that of EUR/USD - which is now running up against short-term resistance at 1.0920-30 levels as well. It'll be important for GBP/USD to sustain a daily break above the 1.2443-48 region, so we'll see if buyers can manage that. If so, that is likely to open up further upside for the pair in the sessions to come.
The weekly chart highlights how there might be little else in the way of a stronger break to the upside if buyers can keep with the latest break as well as a push above 1.2500 in my view. The high in May last year at 1.2667 isn't that important a level I would say, so that makes the 100-week moving average (red line) the potential next key target for buyers - seen at 1.2788 currently.
