- GBP/USD bulls are in play and eye a run to test the dynamic trendline resistance.
- The price is accumulating following a significant correction in the hourly time frame.
GBP/USD bulls are stepping in during a phase of an accumulation from hourly support. The following illustrates the prospects of a bulling impulse to take on the bearish commitments near the prior highs and trendline resistance.
GBP/USD H1 chart
The hourly chart sees the price correcting from support and on a break of the 1.3230s, the bulls will be on track for a test of the descending trendline resistance and the upper half of the 1.32 area.
This would be expected to result in some profit-taking and a potential retreat of the counter trendline with bulls leaning on 1.3250 for support.
