GBP/USD Charts and Price Forecast

While above significant trendline support, GBP/USD bulls are active in the market.
Bears are attacking the micro trendline, but 1.2450 is crucial.
Although there has been a decline from those highs, the signal is still bullish as long as the bulls commit to trading above 1.2450. The GBP/USD bulls took control on Friday to print a new bull cycle high.

GBP/USD Daily Chart

On the other side, given the recent rally that broke through the highs of the right-hand, the failed right-hand shoulder of the head and shoulders pattern leaves the bias bullish:

GBP/USD H4 charts

Although the diagram above is theoretical, it shows the main areas of support and resistance for the 4-hour period. The micro trendline is under pressure, but as long as the larger trendline holds true and intersects with 1.2450 or close to it, it would be logical to anticipate that the bulls will once again move in.