Bulls move in to take control – Crypto News – Crypto News
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GBP/USD slides below 1.1900 mark GBP/USD slides below 1.1900 mark

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Bulls move in to take control – Crypto News

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  • GBP/USD bulls are taking back control on a break of structure.
  • The rally has taken out the bearish trendline resistance.

Sterling rose against a weaker dollar on Tuesday as British inflation remains in focus. This has forced the price higher and placed the bulls back in control as the following analyze will illustrate

GBP/USD H1 charts

The price has broken to the backside of the old bearish trendline resistance. This is a bullish development. The bulls could be encouraged to buy in again by the deep correction of the bullish impulse.

The price has made an M-formation and would be expected to run back towards the neckline of the pattern. A bullish continuation could occur on a break of the neckline.

The bulls will need to commit to the backside of the M-formation´s bearish impulse and trendline resistance while breaking the neckline and double top.

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