20:55:52 30-05-2023
GBP/USD Price Analysis: Bulls move in to take control
- GBP/USD bulls are taking back control on a break of structure.
- The rally has taken out the bearish trendline resistance.
Sterling rose against a weaker dollar on Tuesday as British inflation remains in focus. This has forced the price higher and placed the bulls back in control as the following analysis will illustrate
GBP/USD H1 charts
The price has broken to the backside of the old bearish trendline resistance. This is a bullish development. The bulls could be encouraged to buy in again by the deep correction of the bullish impulse.
The price has made an M-formation and would be expected to run back toward the neckline of the pattern. A bullish continuation could occur on a break of the neckline.
The bulls will need to commit to the backside of the M-formation´s bearish impulse and trendline resistance while breaking the neckline and double top.