GBPUSD contact with confluence sparks further appreciation

GBPUSD bulls are likely to take action soon after the price held at the 1.2400 level, which is a confluence. This was triggered by the breakout from a wedge caused by recent inflation updates from the US indicating signs of slowing. As a result, the likelihood that the Federal Reserve has peaked on its rate cycle has increased.
When we look at the 1-hour timeframe, we can see that a double-bottom pattern has formed. The neckline is currently around 1.2440 and is preventing further upward movement. With the market already pricing in disinflationary updates, the odds are in favor of an upward movement. If the neckline is broken, there will be more buying interest and the price will aim to reach the 1.2500 price level.

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