Sterling managed to rise above the strong resistance of previous lows/highs and the 38.2% Fibo level, which was near 1.2290, which hit stop-losses of short positions and pushed the GBPUSD pair further higher. As long as the Pound remains above this level, the short-term outlook seems bullish.
The next critical resistance appears to be at around 1.2430, where the 61.8% Fibo level of the latest decline is converged with other swing lows and highs. Should the pair jump above this resistance, the medium-term trend might switch back to bullish.
Alternatively, the support is at the mentioned broken resistance near 1.2290, and if the pair drops back below this zone, we could see a retest of the short-term uptrend line, which is currently near 1.22.
The Forex market doesn't show any quality trends, so traders might want to keep their timeframe minimal as many pairs are jumping up and down. However, once investors start pricing in the massive money printing by the Fed, the US dollar might start a long-term bearish trend.