#GBPUSD @ 1.23788 bulls have been testing the commitments of the bears that are now tracking control on the backside of the trend.
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- GBP/USD bulls have been testing the commitments of the bears that are now tracking control on the backside of the trend.
- Bears need to break 1.2350/30 for a shot at 1.2250 and then 1.2170.
As per the prior analysis, whereby it was stated that the technical bias for GBP/USD remains bearish while below 1.2400, a break of the trendline was anticipated to ignite a frenzy of offers to test 1.2250 support.
The bears were moving in at the end of last week as illustrated on the 4-hour chart above. We have seen a push lower following tests in the 1.24 area that indeed failed.
1.2170 will be eyed in the coming session if the bears stay the course and if the US Dollar can breakout to the upside for a run above trendline resistance in the DXY index:
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