- GBP/USD bears are moving towards 1.2450s which is currently holding.
- 1.2480/2500 is looking up if the bulls take over.
GBP/USD is down some 0.45% on the day, falling from a high of 1.2540 to a low of 1.2448 today, as speculators continue to reduce their GBP short positions. However, the pair is hitting a potential support area, as the following technical analysis will show:
GBP/USD Daily Chart
On Friday, we play the last stage of the M-formation. The M-formation is a reversal pattern and at some point as the momentum slows, the bulls will want to buy.
GBP/USD Chart H1
On the hourly time frame, we can see the prospect of a move to the lows of the month, but 1.2450 is currently holding. 1.2480/2500 is looking up if the bulls take over.
