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GBP/USD Price Analysis: Bulls Approaching the Bear’s Den

  • GBP/USD bulls are trading at equal highs.
  • Bears are lurking and 1.2200 is critical support.

He GBP/USD it has broken above the 1.22 level for the first time since early February, as the flight to safety has eased around the latest developments in the banking sector. The following illustrates a bullish bias in the meantime, albeit in the bear’s den.

GBP/USD 4-hour chart

GBP/USD is on the tail end of the bull market, but is in a micro bullish trend at the moment. 1.2200 is key in this regard. As long as it holds above 1.2200, the focus is on the upside with bulls taking the same February highs in the upper quarter of the 1.22 zone. Eyes are on 1.2320 at this juncture.

If the bears move, given that price is on the back of the previous dominant uptrend, then there will be prospects for a micro-uptrend breakout and structure at and around 1.2200. If this were to occur, the bears would be considered to be back in control.

Source: Fx Street

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