Price above intraday technical levels
The GBPUSD has moved up about 35-40 pips from the low. That is the good news. The now so good news for the longs is that is after a 191 pip trend run lower from the highs.
As far as retracements, it is still a long way from the 38.2% retracement at 1.2653.
The move did move above a trend line and also the 100 bar MA on the 5-minute chart at 1.2607. I can't say the momentum higher is intense - the high just reached 1.2615 only. However dip buyers may be trying to stick a stake in the ground for a corrective price move
Watch the 1.2600 level. If that level provide support, there is a chance for more upside potential. Move below and I can't really jump on the "bottom is in" trade idea.