The GBP/USD (Cable) has been recovering from recent lows over the past few days and is now approaching a critical resistance point at 1.2440, marking the trendline of the descending channel. A clear break above this level could signal a change in momentum, potentially paving the way for further gains after an extended period of downward movement.
If the pair manages to break through 1.2440, the next key resistance would be the 38.2% Fibonacci retracement at 1.2600. On the other hand, a failure to break through this resistance would reinforce the bearish outlook, keeping the pressure on the downside.
