The GBP/USD chart shows bullish momentum with potential for further upward movement. A possible scenario involves a bullish bounce off the 1st support at 1.2824 (61.80% Fibonacci retracement), leading to the 1st resistance at 1.2905. This resistance is an overlap resistance (38.20% Fibonacci retracement). The 2nd support at 1.2676 (78.60% Fibonacci retracement) and the 2nd resistance at 1.3002 (61.80% Fibonacci retracement) are also crucial levels affecting price movement.