The pair is on the front side of the bullish trend as we head into the central bank meetings this week and a multi-timeframeFrom an hourly perspective, the bulls are in control but the recent drop leaves prospects of some consolidation for the foreseeable sessions into the Federal Reserve event on Wednesday. Zooming all the way out, the monthly chart shows that the market broke structure near 1.2245 but failed to hold above.
above and below. However, the bullish bias persists while the price is on the backside of the prior bearish trend and in a phase of accumulation. GBP/USD H4 chartsThe M-formation is a reversion pattern and the price is being supported on the front side of the bullish trend. Information on these pages contains forward-looking statements that involve risks and uncertainties.