GBP USD chart

GBP/USD declined toward 1.2450 in the American session and erased a large portion of its daily recovery gains. The USD continues to outperform its rivals following the better-than-forecast data and doesn't allow the pair to preserve its recovery momentum.

Bears have pushed the pair back to the bottom of the monthly descending channel, at 1.2440, which is being tested at the moment. Last Friday’s low is right below there, at 1.2430. A clear break of that support area clears the path towards 1.2370. Further down there is no support until 1.2220.

On the upside 1.2505 level should be cleared to advance towards 1.2565, where an unmitigated order block may provide a fresh boost for bears
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