Looking at the GBP/USD chart, we can see the reversal of the month-long downtrend taking place on May 17, where it rebounded from its 1.22 support level and rallied into the 1.245 regions, where it encountered some resistance, causing a retraction to the 1.235 on May 19.
It managed to climb further, attempting to break out from the 1.25 resistance and successfully making it through early in today’s session. It was last found trading at the 1.257 range. Today we can expect an extension of the short-term trend and move close to the 1.261 overhead resistance level.
However, if it doesn’t manage to hold on to the current level, we could expect a move close to the 1.235 closest support level.
