#GBPUSD @ 1.24991 bulls are moving in from key support.
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- GBP/USD bulls are moving in from key support.
- Bears could be lurking around a 50% mean reversion.
GBP/USD is correcting into a potential resistance area, something that was eyed at the start of the week in the following analysis: GBP/USD Price Analysis: Bulls about to make another move? 1.2450 is key
While the above is a theoretical schematic, it identified the key areas of support and resistances in the 4-hour time frame. The micro trendline was under pressure but it was stated that ´´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.´´
The correction is playing out.
We have seen a move toward resistance and the Fibonacci scale sees the 38.2% ratio under pressure. A subsequent sell-off could be in order if the bears commit at the prior lows that might act as support into a 50% mean reversion.
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