GBP/USD Price Analysis: Rebound above 1.2400, remains vulnerable ahead of Fed Powell’s speech

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• GBP/USD looks vulnerable above the immediate support of 1.2390 as the USD index is eyeing more upside.
• Fed’s Powell is expected to deliver interest rate guidance for June’s monetary policy meeting.
• GBP/USD has delivered a breakdown of the Head and Shoulder chart pattern.

The GBP/USD pair has displayed exhaustion in the downside momentum after slipping below the round-level support of 1.2400. The Cable is making efforts for a recovery, however, the solid US Dollar’s appeal is in traction.