- GBP/USD bulls move and take out key 4-hour resistance.
- A bullish structure is being formed and eyes are on 1.2350.
As per the prior analyses, GBP/USD Price Analysis: Bears stay the course and eye trendline support, the British Pound has managed to find its feet and is now forming a bullish structure as the following will illustrate.
GBP/USD prior analysis
On the 4-hour chart, the H&S pattern was playing out as follows:
Zoomed in...
GBP/USD update
It was explained that the M-formation is a reversion pattern so a return to the neckline was a strong possibility prior to further declines towards the trendline support. However, the bulls took out the resistance and so long as 1.2150 holds, there will be prospects of a rally towards 1.2350 and then 1.2450 for the days ahead:
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