The GBP/USD chart demonstrates a bullish momentum, with the price positioned above a significant ascending trend line, suggesting the potential for further upward movement. Traders should consider a potential bullish bounce off the 1st support level at 1.2669, which is reinforced by the 23.60% Fibonacci Retracement, and the 2nd support level at 1.2381, which acts as a swing low support. On the upside, caution should be taken as the 1st resistance level at 1.3186 may impede further upward progress, and an intermediate resistance at 1.2966, coinciding with the 78.60% Fibonacci Projection, could act as a pullback resistance