1.23475 is home to MA and 38.2% retracement
The GBPUSD has spike higher in cracked the 200 hour moving average and 38.2% retracement in the process. Those levels came in at the 1.2347 area. That is now close risk for buyers. Earlier in the NY session the price was able to also extend above the underside of the broken trend line (see read numbered circles). Bullish breaks for the pair.
The pair looks toward the 50% at 1.23921. The 200 bar moving average on the 4 hour chart is also near that level.