GBP/USD Price Analysis: Bears step in to test bulls at key suport
|- GBP/USD bears are testing prior equal highs level near 1.2270.
- A 61.8% Fibonacci is in focus which is near prior highs of 1.2200.
GBP/USD bulls are in the market but are meeting resistance above equal highs as for the prior analysis, GBP/USD Price Analysis: Bulls move towards bear´s lair.
GBP/USD prior analysis
It was noted that GBP/USD was on the backside of the bullish market but is riding a micro-bull trend for the time being. 1.2200 remains key in this regard.
It was stated that while holding above 1.2200, the focus is on the upside with the bulls taking on equal highs from February in the upper quarter of the
1.22 area. Eyes remain on the 1.2320s at this juncture.
However, still, if the bears move in, considering that the price is on the backside of the prior dominant bull trend, then there will be prospects of a break of the micro bull trend and structure in and around 1.2200.
GBP/USD update
GBP/USD is testing a prior resistance and an equal highs level near 1.2270. A break of this will open the risk of a deeper correction of the prior H4 bullish impulse with the 61.8% Fibonacci in focus that is near prior highs of 1.2200.
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.