GBPUSD: Bounces back after a series of losses?

The GBP/USD pair gained momentum in the early hours of Thursday's Asian trading session. This increase was driven by the weakening of the US dollar following Federal Reserve Chairman Powell's cautious press conference.

Additionally, the 1.2760 level, representing the 0.618 Fibonacci retracement of the latest uptrend, is currently seen as the initial support level reinforcing the pair's upward progress. There is a possibility of immediate breakthrough of the resistance level at 1.281, with the goal of reaching the peak at 1.289.

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