#GBPUSD @ 1.23869 bulls are taking back control on a break of structure.
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- 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
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.
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