The GBP/USD chart shows bullish momentum with potential for a bounce off the 1st support and a move towards the 1st resistance. Confirmation at 1.2554, an overlap support, is advised before considering upward movement. The swing low support at 1.2309 holds significance as historical support. If a bullish rebound occurs, the 1st resistance at 1.2787, marked as an overlap resistance, could be a target. An intermediate resistance at 1.2629 might temporarily halt bullish progress.