GBPUSD retraced to retest the key 1.22 support level and showed remarkable resilience, except for a minor 10-pip dip. It managed to stage a recovery of approximately 25-30 pips last Friday, just before the week's conclusion.
As the markets kicked off today's trading sessions, the pair swiftly surged to new heights, reaching 1.22530, surpassing last week's setup by over 2R.