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22.05.2022, 23:03

GBP/USD Price Analysis: Bulls attacking bears in supply area, reaching towards the weekly 38.2% Fibo

  • GBP/USD bulls are taking on the bears at key daily resistance. 
  • Bulls eye a deeper correction of weekly bearish impulse. 

GBP/USD is on the way towards the weekly supply area in a 38.2% Fibonacci retracement of the weekly bearish impulse. The following illustrates the bullish bias for the meanwhile on lower time frames although bears will be looking to take advantage of a discounted price with determination for a downside extension towards 1.2075. 

GBP/USD weekly chart

From the weekly perspective, the bulls are in control within the correction that has so far yet to breach the 1.2530s and the 38.2% Fibo. The bears are attempting to guard the 1.25 areas as follows:

GBP/USD daily chart

If the bulls manage to break the current resistance, there is little that stands in the way to the 1.2650s.  If the bulls manage to break there, then the path will be opened for a run towards the 1.30s and prior support. 

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