GBP/USD Price Analysis: Bulls could emerge again on test of 1.3080
|- GBP/USD has completed a Fibonacci retracement on the daily time frame to structure.
- Bulls are waiting for bullish conditions to be confirmed.
- The 1.32 area is compelling on a test of 1.3080.
GBP/USD is possibly on the verge of a continuation bullish impulse and the bulls are encouraged by the amount of structure supporting the outlook.
The following is a top-down analysis from the daily chart to 4-hour that illustrates the bullish bias from a market structure basis:
Daily chart
The price has pulled back to prior structure and with a confluence of a 61.8% Fibonacci meeting the 21-day moving average.
4-hour chart
The MACD is holding bullish and the price is testing the trendline support.
A break above the near-term resistance will give rise to prospects for higher highs on a run through 1.3080.
Bulls can seek a pullback to the structure on a buy-limit for an optimum entrance in a high probability setup.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.