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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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