The GBPUSD continued its bearish momentum yesterday bottomed at 1.2169 but closed a little bit higher at 1.2201. The bias is neutral in nearest term. Price is still in a bearish phase but we have a hammer formation as you can see on my H4 chart below suggests a potential bullish pullback. Immediate resistance is seen around 1.2250. A clear break and daily close above that area could trigger further bullish pullback testing 1.2300 – 1.2340 region. On the downside, a clear break and daily close below 1.2169 would expose 1.2080 region. Overall I remain neutral.