Pound Sterling Price News and Forecast: GBP/USD bulls looking for breakout to the topside

GBP/USD Price Analysis: Bulls looking for a breakout to the topside

Following the progression of the price action and market structures across the various time frames in GBP/USD, it can be concluded that the bulls are now in the most favorable position.

As per the prior analysis, whereby the bears were taking up control, the price did indeed melt to the downside as forecasted.

The pendulum swung in favour of buyers following December‘s 2.5 percent advance, stirring major trendline resistance (2.1161). February subsequently followed through to the upside (1.7 percent) and refreshed 2021 highs at 1.4241, levels not seen since 2018. Contained within February’s range, however, March and April witnessed decreased volatility.

May, nonetheless, trades firmly on the front foot, up by 1.7 percent MTD.

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