The GBP/USD pair dropped sharply from the level of 1.3127 towards 1.2982. Now, the price is set at 1.3011. On the H1 chart, the resistance is seen at the levels of 1.3072 and 1.3127. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3072 and 1.2914 in the coming hours. In the short term, we expect the GBP/USD pair to continue trading in a bullish trend from the new support level of 1.2914 to form a bullish channel. Also, it should be noted that major resistance is seen at 1.3172, while immediate resistance is found at 1.3072. According to the previous events, the pair is likely to move from 1.2982/1.2914 towards 1.3072 and 1.3172 as targets.

In the H1 time frame:

However, if the pair fails to pass through the level of 1.3072, the market will indicate a bearish opportunity below the level of 1.3072. So, the market will decline further to 1.2914. Moreover, a breakout of that target will move the pair further downwards to 1.2845.