GBP/USD Price Analysis: Bulls taking charge above critical long-term support structure
|- GBP/USD setting up for a bullish continuation above monthly support.
- The 4-hour resistance needs to be overcome first.
The following top-down analysis shows the price above a critical monthly resistance from which the bulls may seek higher grounds yet.
Monthly chart
Bulls are now up through the monthly resistance.
However, there is room for a significant retest of the new support structure, so the upside could well be anchored on the lower time frames.
Weekly chart
Weekly price action shows a test of the prior resistance and a confluence of the 50% mean reversion level.
Daily chart
Bulls are taking on the bear's commitments for potentially the final attempt before a significant breakout and continuation of the uptrend.
4-hour chart
The prospects of an upside continuation are solid, although it is worth noting that daily chart's stubborn resistance which is being tested at the time of writing.
However, bulls can take conviction on a break of the 4-hour resistance and a subsequent restest of what was old resistance now turning new support.
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.