GBP/USD Price Analysis: Bullish scenario in play with the price balanced up against opposing trendlines

  • GBP/USD bulls are trying to take back control.
  • Bulls are building up outside of key trendline resistances. 

The bulls have been moving in slowly over the course of the month and reached a milestone in a critical break of a dynamic trendline. GBP/USD is trying to catch a breakout from the trendline resistance as the following charts will illustrate:

GBP/USD daily chart

The price is climbing trendline support on a micro basis following the slide out of the broader descending resistance. 

GBP/USD H1 charts

The bullish scenario is in play with the price balanced up against opposing trendlines in the form of a triangle. The coil would suggest that the market wants to break out, one way or the other. If the W-formation’s neckline holds, then there will be a bias to the upside in this respect. 

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