The GBPUSD has moved to new highs as the buyers push toward the highs from last week. Those highs come between 1.2505 and 1.25246 (see red number circles on the chart above). With four separate highs in that area, there could be willing sellers with stops above the level at least on the first test.
On the downside, the price moved away from a swing area between 1.24238 and 1.24472 after the US CPI data. The price is also extending away from its converged 100 and 200 hour moving averages which come near the low of that swing area. For buyers looking for more upside, it would take a move below those levels to increase the bearish bias (risk levels for bullish buyers).
Taking a look at the daily chart, on increased momentum above last week's highs, the price would look toward the swing highs from the end of April, May and early June of 2022. That area starts at 1.25987 and extends up to 1.26653 on the daily chart below.
