GBP/USD Price Analysis: Bullish fakeout leaves 1.2010/50 vulnerable ahead of 38.2% Fib upside potential GBPUSD Technical Analysis
GBPUSD could be headed for a test of a 1.2050s supporting area that has a confluence with the 78.6% Fibonacci.
The following illustrates the current boundaries and structure and offers neutral bias in so much that the price remains contained between 1.2110 and recent higher lows with failures to convince on the bid. The schematic is pretty neutral given the phase of consolidation and the fact that the price has slid out of the bullish trendline and is now on the backside of it.
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