GBP/USD Price Analysis: Bulls are lurking in demand area

GBP/USD slides in a meltdown from the topping pattern.
GBP/USD could be on the verge of a correction to restest the prior area of support, 1.2420 and 1.2450 in the main.

Ross J Burland FXStreet

In the prior analysis, GBP/USD Price Analysis: Bears are moving in on the risk rally, it was explained that the M-formation was explained to be a topping pattern that had formed as the potential for the final stage of the prior bullish rally:

GBP/SD prior analysis, daily chart

The price was on the backside of that trendline where traders were anticipated to trade on the short side.

GBP/USD prior analysis, H4 chart

The price has shot up to test resistance and while there are prospects of an onward continuation, the price can easily head lower as illustrated in the chart above.

GBPUSD live updates

The price is now in an area where we could now see a correction to restest the prior area of support, 1.2420 and 1.2450 in the main.

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.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.