GBPUSD Price Analysis: Bulls move in and eye a significant correction

GBPUSD bulls look to move into the 50% mean reversion area of the prior bearish impulse on the daily chart.
Bears need to break key support below 1.1100.

Ross J Burland FXStreet

As per the prior analysis, GBPUSD Price Analysis: Bears move in on a fresh layer of support, from an hourly perspective, we have the bulls sitting at key support. fending off the bears as follows:

GBPUSD H1 chart, prior analysis

GBPUSD H1 chart update

GBPUSD H4 and daily charts

To put the upside prospects into the context of a higher time frame, then the four-hour chart shows a significant price imbalance between 1.1250 and 1.1380 if the bulls can get back above 1.1250.

In doing so, the bulls will be on track for a move into the 50% mean reversion area of the prior bearish impulse on the daily chart, as illustrated above.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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