GBP/USD Looks to Extend Rally, Eyes Resistance Breakout

Since the interest rate decision meeting, GBP/USD has been on the rise, with the first significant resistance point appearing to be at 1.2560. Above this level, the range of 1.2585-1.2595 stands out as the second resistance level. If this level is surpassed and sustained, the range of 1.2635-1.2645 could come into play. However, in the event of a downward movement, the first support level would be at 1.2540, which also coincides with the 200-day moving average level. A breach of this level would lead to the second support level at 1.2500. The third support level would be at 1.2460.