The GBP/USD appears to have found a price bottom in November after breaking above a consolidation range resistance at 1.2325. After the breakout, price pushed to 1.2670 before retreating. As we can see in the 4H chart, price has retreated to about 1.24 this week.GBP/USD 4H Chart 11/15(click to enlarge)Support at 1.24:- Around 1.24, we have the 200-period simple moving average. In the 4H chart we saw that price broke above this key SMA. Now if it holds as support, we would have a bullish slingshot signal. - Also note a rising trendline that met price right around 1.24. - finally, the RSI is around 40. If the bullish momentum since late October is to persist, we should see the RSI hold above 40. 1.2325:- If we see a breach of 1.24, we should we should monitor the 1.23-1.2325 area as support. This was a consolidation resistance that could turn into support. - I would look for a bullish divergence against the RSI to accompany support around 1.23-1.2325. - I think after the current dip, if the market is still bullish on GBP/USD, the pair has upside to at least 1.27.