Search ForexCrunch
  • Daily prospects are towards 1.3220 following latest correction.
  • GBP/USD bulls await a break of near-term structure and a bullish environment.

GBP/USD bulls are set on a break to the 1.32 area on a bullish extension following a significant retracement and mean reversion of the prior bullish impulse.

The following illustrates the price action and subsequently price analysis, forecasting the upside continuation. 

Daily chart

4-hour chart

Bears might be prudent to wait for a bullish environment and a break and retest of the structure illustrated in the above chart.