• GBP/USD bulls move and take out key 4-hour resistance. 
• A bullish structure is being formed and eyes are on 1.2350.

As per the prior analyses, GBP/USD Price Analysis: Bears stay the course and eye trendline support, the British Pound has managed to find its feet and is now forming a bullish structure as the following will illustrate. 

GBP/USD prior analysis

On the 4-hour chart, the H&S pattern was playing out as follows:

Zoomed in...

GBP/USD update

It was explained that the M-formation is a reversion pattern so a return to the neckline was a strong possibility prior to further declines towards the trendline support. However, the bulls took out the resistance and so long as 1.2150 holds, there will be prospects of a rally towards 1.2350 and then 1.2450 for the days ahead: