GBPP/USD Price Analysis: Bears need to come out of their cave and hibernation
- GBP/USD bulls are taking control at a key area of resistance.
- If the bears do not come out of hibernation at this juncture, there are prospects of much higher levels.
As per the prior analysis, GBP/USD Price Analysis: Bears waiting to take a bite out of bullish correction, the price has rallied into the 61.8% Fibonacci ratio, extending the recovery from the lowest levels since May 2020.
GBP/USD prior analysis
GBP/USD live market
The price has pierced the golden ratio and bulls will be looking for a daily close above to confirm to the market that they are in control, opening prospects for higher territories for the foreseeable future:
The price is meeting resistance around the neckline of the M-formation which could lead to a correction back to test the prior highs that would be expected to offer some initial support. If bears do not come out of hibernation at this point, then a break of the early May highs at 1.2638 will likely lead to a grind back towards 1.30 the figure.