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- GBP/USD Price Analysis: 1.21270 eyed on a break of 1.2250 for the week ahead
GBP/USD Price Analysis: 1.21270 eyed on a break of 1.2250 for the week ahead
- GBP/USD bulls have been testing the commitments of the bears that are now tracking control on the backside of the trend.
- Bears need to break 1.2350/30 for a shot at 1.2250 and then 1.2170.
As per the prior analysis, whereby it was stated that the technical bias for GBP/USD remains bearish while below 1.2400, a break of the trendline was anticipated to ignite a frenzy of offers to test 1.2250 support.
GBP/USD prior analysis
The bears were moving in at the end of last week as illustrated on the 4-hour chart above. We have seen a push lower following tests in the 1.24 area that indeed failed.
GBP/USD update
1.2170 will be eyed in the coming session if the bears stay the course and if the US Dollar can breakout to the upside for a run above trendline resistance in the DXY index:
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