GBP/USD Price Analysis: Bulls pushing against a key level of resistance, 1.2650 eyed

GBP/USD bulls are in charge and looking for a break of key daily resistance.
The weekly chart is being corrected with 1.2650 eyed.

Ross J Burland FXStreet

The price is making it's way higher within the correction of the weekly chart's bearish impulse. Having already mitigated some of the price imbalance in a 38.2% Fibonacci retracement so far, the bulls are staying with the course which leaves 1.2650 vulnerable in a 50% mean reversion. Thereafter, the golden 61.8% ratio will be eyed.

GBP/USD weekly chart

On the daily chart, the bulls have broken the first layer of resistance that would now be expected to act as a support on a retest. If the bulls commit, then a break of 1.2650 would expose the void of bids between there and the 1.30s.

GBP/USD daily chart

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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