#GBPUSD @ 1.23967 bears eye 1.2370s and then the trendline support into the congestion towards 1.2350.
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- GBP/USD bears eye 1.2370s and then the trendline support into the congestion towards 1.2350.
- Bulls look for a move to test resistance within the right-hand shoulder.
GBP/USD bulls are stepping in at support and eye an upside continuation to test daily resistance again. The following illustrates a scenario whereby we could see a shorter-term bearish correction playout before the next bullish impulse.
The price is sideways with a bearish bias in the main, longer-term.
The right-hand side shoulder´s bullish thrust was strong and this signifies that there could be more upside to come. This can be read as follows on the four-hour chart:
The price has rallied into a high-volume candle and has met resistance. This leaves the meanwhile focus on a correction into the 1.2370s and then the trendline support into the congestion towards 1.2350. Bulls could be encouraged to reengage at a discount and this could be the fuel for the next bullish impulse for a higher high within the right-hand shoulder.
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