#GBPUSD @ 1.24942 bulls are in the market while above key trendline support.
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- GBP/USD bulls are in the market while above key trendline support.
- Bears are taking on the micro trendline but 1.2450 is key.
GBP/USD bulls took over on Friday to print a fresh bull cycle high and although we have seen a slide from those highs, so long as the bulls commit to above 1.2450, the bias remains bullish.
The following is a top-down technical analysis that arrives at a bullish conclusion.
The failed right-hand shoulder of the head and shoulders pattern leaves the bias bullish considering the recent rally that took out the highs of the right-hand shoulder and the head:
GBP/USD H4 charts
The trendline supports are key in this regard:
While the above is a theoretical schematic, it identifies the key areas of support and resistances in the 4-hour time frame. The micro trendline is under pressure but so long as the broader trendline remains intact, meeting 1.2450, or thereabouts, then it would be reasonable to expect the bulls to move in again.
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