Market news
17.05.2022, 19:32

GBPP/USD Price Analysis: Bears need to come out of their cave and hibernation

  • GBP/USD bulls are taking control at a key area of resistance.
  • If the bears do not come out of hibernation at this juncture, there are prospects of much higher levels. 

As per the prior analysis, GBP/USD Price Analysis: Bears waiting to take a bite out of bullish correction, the price has rallied into the 61.8% Fibonacci ratio, extending the recovery from the lowest levels since May 2020. 

GBP/USD prior analysis

GBP/USD live market

The price has pierced the golden ratio and bulls will be looking for a daily close above to confirm to the market that they are in control, opening prospects for higher territories for the foreseeable future:

The price is meeting resistance around the neckline of the M-formation which could lead to a correction back to test the prior highs that would be expected to offer some initial support. If bears do not come out of hibernation at this point, then a break of the early May highs at 1.2638 will likely lead to a grind back towards 1.30 the figure. 

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