I had a similar experience last summer with my Fuzion TH. It started as a small bubble about 5 feet from the front cap and grew in size as the heat from the sun warmed the glue, and the vacuum created by traveling at highway speeds pulled the roof material upward. It looks like your roof material has stretched and has pulled away from the front cap.
I put a camera on the roof to figure mine out, but i'd bet the bubble created on your roof is large enough for most drivers to see when going down the highway. I have passed other trailers with this problem and have seen bubbles that stretch the roof material about 3 feet high.
The black tape near the A/C unit is where the roof bubble pushed up and cut the rubber against the A/C.
I think the only way to repair the roof is to peel back the entire front section of the roof and glue it back down, then secure and reseal with sealant.
Keystone replaced my entire roof and substructure under good will warranty.