The GBP/USD (Cable) has been steadily recovering from recent lows and is now encountering key resistance at 1.2440, a crucial level within the descending channel. A successful break above this resistance could indicate a potential reversal, allowing the pair to continue its upward move after months of downward momentum.

If the resistance at 1.2440 is breached, the next target would be the 38.2% Fibonacci retracement at 1.2600. However, if the pair is rejected at this level, it would reinforce the bearish trend, keeping the downward pressure intact.