GBP/USD short positions are testing their previous high levels near 1.2270.

61.8% Fibonacci is the focus, approaching the previous high of 1.2200.

GBP/USD bulls are in the market, but compared to previous analysis, they have encountered resistance above the same high point. GBP/USD price analysis: bulls are heading towards a bear market nest

Pre analysis of GBP/USD

Some people point out that the pound/dollar is on the back of the bullish market, but it is currently experiencing a micro bull market trend. In this regard, 1.2200 remains crucial.

Some people say that although it remains above 1.2200, the focus is on the upward trend, with bulls reaching the same high point of 1.22 in the first quarter of February. At this moment, the gaze was still fixed on 1.2320.

However, if bears enter, considering that prices are on the opposite side of the previously dominant bull market trend, the micro bull market trend and structure may break through around 1.2200.

GBP/USD update

GBP/USD is currently testing the previous resistance level and the same high level around 1.2270. Breaking through this level will open up the risk of further correction to the previous H4 bullish impulse, with a focus on 61.8% Fibonacci, approaching the previous high of 1.2200.