GBPUSD has made a breakout to the upside this week and the 1.26000 has been broken.
The price returned down to 1.26000 to make a confirmation and then continued to move up and stopped at 1.27048. The price where the GBPUSD is right now is above the previous three candles which is a signal for the further move up.
The target is 1.27800 which is the next resistance level. From there I am expecting the price to bounce down and return to the first demand zone around 1.26000.
The weekly time frame shows bullish strength and monthly shows a bullish breakout. Both time frame breakouts need to be confirmed. So the bounce from 1.27800 is the first step where the price could start the sell-off to lower price levels.
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