GBP/USD Price Analysis: Bulls advancing on daily highs
|- GBP/USD bulls are moving on in the daily highs.
- An upside extension through the resistance opens the next layer of daily resistance.
GBP/USD is making headway at the start of the week towards daily highs and there are prospects of a higher high for the forthcoming sessions at this rate of momentum.
The following is an analysis of the daily, hourly and 5 min times frames that illustrate the bullish bias until the next layer of daily resistance.
GBP/USD 1-hour chart
The price of GBP/USD has rallied from the 78.6% Fibonacci retracement of the hourly correction and could be destined to make a higher high.
GBP/USD 15-min chart
From a 5-min perspective, the bulls are making tracks from a 38.2% Fibo of the same correction with the 21-SMA close and supportive.
GBP/USD daily chart
However, from a daily perspective, the price will be headed towards a wall of resistance from which could see the price turn on its head in the coming sessions:
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