The GBPUSD pair has been experiencing some downward pressure recently, breaking below the rising trend line on the 4-hour chart. The pair is now facing a critical support level at 1.2435, and a break below this level could confirm that the upside movement from the Mar low of 1.1802 has completed at 1.2679 already.
If this is the case, the pair could see further downside movement, with the next support levels being around 1.2350, followed by 1.2280. However, if the pair manages to hold above 1.2435, there could be a chance of a recovery towards the 1.2540 resistance level. A break above this level could trigger another rise towards 1.2700.
In summary, the GBPUSD pair is currently facing a critical support level at 1.2435, and a break below this level could confirm the completion of the recent upside movement. On the other hand, a hold above this level could lead to a potential recovery towards the 1.2540 resistance level. Traders should keep a close eye on market developments and adjust their trading strategies accordingly.