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.

Ross J Burland FXStreet

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:

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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