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- GBP/USD Price Analysis: Bulls move in and eye daily 1.1600 resistance
GBP/USD Price Analysis: Bulls move in and eye daily 1.1600 resistance
- GBP/USD bulls have moved in and are testing key resistance.
- The price is correcting into the 1.1530s and should they hold, the upside is compelling for the sessions ahead.
As per the prior analysis, GBP/USD Price Analysis: Pound rests in middle of the week's range, bulls in play, the pound has moved higher from a key support ahead and is taking on the bears with higher levels eyed for the day ahead.
GBP/USD prior analysis
It was explained that the focus was on the upside for a retest of the highs. ''The price has left a W-formation on the chart and a break of 1.1516, the prior candle high, could seal the deal for a grind higher towards 1.1550 and beyond the recent highs.''
GBP/USD update, live
The price has rallied into the 1.1550s, but a pullback could now be on the cards prior to the next retest of the resistance, as illustrated in the chart above.
GBP/USD M15 chart
Meanwhile, should bulls commit above 1.1530, then there could be a sooner test of the highs as per the 15-min chart structure.
The daily char's resistance comes in at 1.1600:
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