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The GBP/USD pair already seems to have found acceptance above the 1.2515-20 confluence region comprising of 50-day EMA and 61.8% Fibonacci level of the 1.3200-1.1410 slump, according to FXStreet’s analyst Haresh Menghani.

Key quotes 

“Some follow-through strength, beyond the 1.2600 round-figure mark, now looks a distinct possibility. Bulls are likely to aim towards challenging 100-day EMA resistance near mid-1.2600s, above which the pair seems all set to extend its recent strong recovery move from 35-year lows set on March 20.”

“On the flip side, any meaningful pullback might still be seen as a buying opportunity near the 1.2500 mark and should help limit the downside near the 1.24850 resistance break-point.”