• GBP/USD bulls press up against key resistance.
• Bears lurking and eye a move into length. 

GBP/USD started the week off by dropping below 1.24, approaching a two-month low of 1.2306 reached on May 25th, as investors perceive a narrowing interest rate gap between the US and the UK. However, the Pound recovered those losses on the back of the weaker US dollar and data that put the Fed back into the spotlight on a dovish tip.

Technically this leaves GBP/USD in no-man's-land, treading water at the top of a 100-pip box as follows:

GBP/USD H4 charts

The bias is therefore bearish while below the counter-trendline and with in-the-money longs a target for the bears for the sessions ahead. However, a break of the resistance around 1.2450 exposes 1.2500 resistance: