The GBPUSD currency pair is looking somewhat bullish after the initial pullback looks to be complete.
Price action fell back to the price level of 1.2277 after a brief rise initially.
The current recovery will confirm the potential upside for the currency pair.
We expect GBPUSD to rise to 1.2424 in the near term. This will push prices up to the 8th of May highs.
Further gains will likely happen only on a breakout above this level.
In the meantime, we expect GBPUSD to remain in a holding pattern within these new levels.