GBPUSD: Gains remain capped below 1.2700

The Relative Strength Index (RSI) indicator on the 4-hour chart pulls back towards 60 after slightly exceeding 70 on Thursday, indicating that the bullish bias remains strong following a technical correction.

GBP/USD encounters a pivot level at 1.2650 (Fibonacci 78.6% retracement of the latest uptrend). If the pair can sustain above this level and establish it as support, the 1.2700-1.2710 range (round level, static level) might act as the next resistance before reaching 1.2750 (static level).

On the downside, 1.2600 (round level, static level) acts as the first support, followed by 1.2530 (Fibonacci 61.8% retracement) and 1.2500 (round level, static level).