GBP/USD to rally beyond 1.2650

The GBP/USD pair is trading near its daily low, bullish in the short-term, after spending most of the day above a critical Fibonacci level at 1.2515. In the 4-hour chart, the 20 SMA advances above the larger ones, all fo the below the current level, while the RSI keeps advancing, despite being in overbought levels. The bullish case should remain firm in place as long as the pair holds above the mentioned Fibonacci level, the 61.8% retracement of its March slump.

Support levels: 1.2600 1.2660 1.2515

Resistance levels: 1.2650 1.2690 1.2730