#GBPUSD @ 1.15480 bulls have moved in and are testing key resistance.
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- GBP/USD bulls have moved in and are testing key resistance.
- The price is correcting into the 1.1530s and should they hold, the upside is compelling for the sessions ahead.
As per the prior analysis, GBP/USD Price Analysis: Pound rests in middle of the week’s range, bulls in play, the pound has moved higher from a key support ahead and is taking on the bears with higher levels eyed for the day ahead.
It was explained that the focus was on the upside for a retest of the highs. ”The price has left a W-formation on the chart and a break of 1.1516, the prior candle high, could seal the deal for a grind higher towards 1.1550 and beyond the recent highs.”
The price has rallied into the 1.1550s, but a pullback could now be on the cards prior to the next retest of the resistance, as illustrated in the chart above.
Meanwhile, should bulls commit above 1.1530, then there could be a sooner test of the highs as per the 15-min chart structure.
The daily char’s resistance comes in at 1.1600:
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