GBP/USD Analysis: Key Resistance at 1.2440 – Breakout or Continued Downtrend?

GBP/USD Analysis: Key Resistance at 1.2440 – Breakout or Continued Downtrend?
The GBP/USD (Cable) has been rebounding from recent lows over the past several days and is now testing the descending channel’s trendline resistance at 1.2440—a critical pivot level for the pair. A decisive break above this resistance could signal a shift in momentum, opening the door for further upside after months of downward pressure. The next target on the upside would be the 38.2% Fibonacci retracement level at 1.2600. Conversely, a rejection at this level would reaffirm the bearish trend, keeping the pair under downward pressure.

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