GBP/USD Price Analysis: Bulls in control and eye 1.2350

GBP/USD bulls move and take out key 4-hour resistance.
A bullish structure is being formed and eyes are on 1.2350.

Ross J Burland FXStreet

As per the prior analyses, GBP/USD Price Analysis: Bears stay the course and eye trendline support, the British Pound has managed to find its feet and is now forming a bullish structure as the following will illustrate.

GBP/USD prior analysis

On the 4-hour chart, the H&S pattern was playing out as follows:

Zoomed in...

GBP/USD update

It was explained that the M-formation is a reversion pattern so a return to the neckline was a strong possibility prior to further declines towards the trendline support. However, the bulls took out the resistance and so long as 1.2150 holds, there will be prospects of a rally towards 1.2350 and then 1.2450 for the days ahead:

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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