FX.co ★ GBPUSD, H4 | Bullish Continuation Expected?

The current GBP/USD chart displays a prominent bullish momentum, indicating a strong upward trend. This momentum suggests the possibility of a bullish continuation towards the initial resistance level. The significance of the 1st support at 1.2664 is underscored by its classification as an overlap support, and the 2nd support at 1.2591 further reinforces this supportive structure. Conversely, attention is directed towards the 1st resistance level at 1.2780, which is identified as a multi-swing high resistance, potentially curbing further upward movement. Additionally, the presence of a 2nd resistance at 1.2815 is noted as an overlap resistance, further accentuating its potential impact on resistance. Furthermore, an intermediate resistance at 1.2724 gains importance as it aligns with a 38.20% Fibonacci Retracement, contributing to its role as a potential resistance level.