Technical Analysis: GBPUSD portrays bullish flag on H4
Despite witnessing a pullback since early Wednesday, GBPUSD stays within a bullish technical chart pattern which gets confirmation on the break of 1.2375. While the length of the flag pole suggests the pair's run-up to 1.3400 mark, 61.8% Fibonacci retracement level of 1.2500, 1.3000 and the previous month high near 1.3200 could offer intermediate halts during the northward trajectory.
On the other hand, the pair's further declines are likely to witness a bounce from the pattern's support, currently near 1.2140/45, if not then the bullish formation gets negated. As a result, sellers targeting the pair's move below 1.2000 will enter the trades. It should also be noted that the March month bottom around 1.1400 becomes the key downside support for the bears.