GBP/USD Price Analysis: Bulls seeking monthly upside extension

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  • GBP/USD has been stuck in a trapped environment on the daily time frame. 
  • 4-hour bulls are taking on bearish commitments. 

The bulls are in control from a longer-term perspective, but there is still work to do on the lower time frames, as illustrated in the following top-down analysis. 

Monthly chart

The monthly outlook is bullish from the 38.2% Fibonacci retracement and support structure. 

Weekly chart

The weekly chart is also bullish with the bulls moving price away from the weekly support. 

Daily chart

There is little here for the swing traders banking on a higher high until the daily resistance is broken. 

4-hour chart

The price has made a recovery within the trapped environment which could see the pair rally to fresh 40hour highs within the channel targeting an upside break of daily resistance.