GBP/USD Price Analysis: Bulls set medium-term target on the 1.22 area
|- GBP/USD bulls are in control with eyes on the 1.22 areas.
- The price is stalling on the bid on the short-term, however.
GBP/USD is offering mixed signals across the time frames, from bullish on the weekly to meanwhile bearish lower down on the 4-hour, but ultimately the bulls are in control. The following illustrates the prospects of a correction in the coming hours from which bulls might appear in droves for a continuation into the 1.22 areas.
GBP/USD weekly chart
The weekly chart's M-formation's neckline is a compelling target area for the bulls to aim for where it aligns with key Fibonaccis.
GBP/USD daily chart
Within the resistance area, there is a price imbalance on the daily chart which could lure the price in following the recent rally from the neckline of the W-formation.
GBP/USD H4 chart
The 4-hour chart has a price imbalance just below the recent lows as per the greyed-out area. A move into mitigating this where the 61.8% Fibo lies could be the next move on the cards before bulls fully engage.
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.