GBP/USD breaks bullish, targeting 1.2480 on BoE rate hike bets

GBP/USD has exited a bearish channel, rallying 0.5% to 1.2440 as traders raise bets on Bank of England (BoE) rate hikes following hawkish comments from policymakers. BoE Chief Economist Huw Pill noted that inflation remains too high, suggesting further tightening may be necessary. The pair now faces resistance at 1.2480 (50% Fibonacci retracement of the May decline), with a break above targeting 1.2520 (May 10 high). Support lies at 1.2400 (broken channel top) and 1.2360 (200-hour moving average). Traders should watch for UK GDP data next week (forecast: 0.1% QoQ) and any further BoE hints. A more hawkish tone and resilient growth could fuel GBP/USD upside, while disappointing data might cap gains.