GBP/USD Price Analysis: Bulls could emerge again on test of 1.3080

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  • GBP/USD has completed a Fibonacci retracement on the daily time frame to structure.
  • Bulls are waiting for bullish conditions to be confirmed. 
  • The 1.32 area is compelling on a test of 1.3080. 

GBP/USD is possibly on the verge of a continuation bullish impulse and the bulls are encouraged by the amount of structure supporting the outlook.

The following is a top-down analysis from the daily chart to 4-hour that illustrates the bullish bias from a market structure basis:

Daily chart

The price has pulled back to prior structure and with a confluence of a 61.8% Fibonacci meeting the 21-day moving average.

4-hour chart

The MACD is holding bullish and the price is testing the trendline support.

A break above the near-term resistance will give rise to prospects for higher highs on a run through 1.3080.

Bulls can seek a pullback to the structure on a buy-limit for an optimum entrance in a high probability setup. 

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