As we see on the 4-hour chart, the Cable now is trying to reach the Pitchfork Channel Middle Line, although the area of 1.2621 to 1.2650 will be the target for this pair too. Please pay attention to the fact that the currency pair failed to touch the Middle line of the Pitchfork Channel. This will make the change of GBP/USD direction, especially on condition that the pair will break out and closes below 1.2529.
The overall bias of GBP/USD now is bullish.
(Disclaimer)
