GBP/USD Price Analysis: 1.21270 eyed on a break of 1.2250 for the week ahead
|- GBP/USD bulls have been testing the commitments of the bears that are now tracking control on the backside of the trend.
- Bears need to break 1.2350/30 for a shot at 1.2250 and then 1.2170.
As per the prior analysis, whereby it was stated that the technical bias for GBP/USD remains bearish while below 1.2400, a break of the trendline was anticipated to ignite a frenzy of offers to test 1.2250 support.
GBP/USD prior analysis
The bears were moving in at the end of last week as illustrated on the 4-hour chart above. We have seen a push lower following tests in the 1.24 area that indeed failed.
GBP/USD update
1.2170 will be eyed in the coming session if the bears stay the course and if the US Dollar can breakout to the upside for a run above trendline resistance in the DXY index:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.