The GBPUSD daily chart shows a strong upward momentum. It is worth noting that the quotes are in the vicinity of strong resistance at a psychological level of 1.2900. It can be noted that this level previously served as a strong support, as evidenced by the lows that were repeatedly set in these areas. Confluence for the area is 61.8% of FIBO abolition. You should also pay attention to the volume that is greater than the turnover during the Brexit decision. The candle closed at resistance and last highs. Breaking new highs will probably lead to further demand pressure. No clear PA signal can lead to further increases. It is worth looking at a chart with a lower time interval.
Quotations on a H4 chart point to advantage of demand. What is noticeable is the strong growth impulse, which established a new higher peak. The candle, which tested the resistance at 1.2900, points to potential formation of hidden supply. Breaking the bottom of the formation can lead to bigger correction. Strong support (confirmed by turnover) is around the 1.2550 round. Growth along with the increasing volume will probably lead to continuation of the impulse.
