Lots of resistance
The GBPUSD is moving above the 100 and now 200 hour MA at 1.2519 and 1.2535 respectively. The 1.2543 is a level with a number of swing points (see red circles) around the level. We just peaked above the level but seems to be having trouble.
This is a key area for the pair. We could race higher from here on a break of the 1.2543. That is the risk for sellers now. IF we hold, traders will be watching the 1.2519 level for clues that the rally is done for now and deeper correction back lower can be expected.
Key area. It is hold your stomach time for those selling right here. For buyers/Longs, the ride higher has taken the range to 199 pips. You wonder "Is that enough for now". The lines are drawn for each at 1.2543 above, and 1.2519 below.
