GBP/USD Up If 1.2280 Zone Holds

The GBP/USD dropped below 1.2300 again during the Tokyo session. However, we can see that the market is trying to make a bounce.

The GBP/USD is still in ranging mode. However, the market needs to close above W L3 with 4h candle for another bullish momentum – 1.2344. A close above might initiate buyers towards 1.2405 and 1.2466. For bullish scenario to be valid 1.2280 needs to hold, else we might see a drop below W L4 towards 1.2220.