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- GBP/USD Price Analysis: Bulls eye a deeper daily correction
GBP/USD Price Analysis: Bulls eye a deeper daily correction
- GBP/USD inverse head and shoulders in the making on the 4-hour chart.
- GBP/USD bulls could be about to move in again around the 1.2500s.
As per the prior analysis, GBP/USD Price Analysis: Bulls looking for the deceleration in supply, eye 1.2500, whereby the pair was running into a potential area of support as the following technical analysis illustrated:
GBP/USD daily chart
GBP/USD updates
The price has rallied to the intended target area, a 38.2% Fibonacci, but could there be more to come?
GBP/USD H4 chart
From a 4-hour chart´s perspective, the price is potentially rounding out an inverse head and shoulders pattern with the right hand should in the early phases. A correction into a 38.2% Fibonacci area, around the 1.2500 level, could be in order for the session ahead. A break of 1.2535-50 opens the risk of a significant move toward the 1.2580s.
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