• GBP/USD bears move into the 1.2450s that are holding up currently.
• 1.2480/2500 is eyed to the upside should the bulls take over. 

GBP/USD is down on the day by some 0.45% and has fallen from a high of 1.2540 to a low of 1.2448 on the day as speculators continue to cut their short GBP positions. However, the pair is running into a potential area of support as the following technical analysis will illustrate:

GBP/USD daily chart

We have the last leg of the M-formation playing out on Friday. The M-formation is a reversion pattern and at some point, as the moment decelerates, bulls will be looking to buy in. 

GBP/USD H1 chart

On the hourly time frame, we can see prospects of a move into the lows of the month, but the 1.2450s are holding-up currently. 1.2480/2500 is eyed to the upside should the bulls take over.