GBP/USD Price Analysis: Bulls looking for the deceleration in supply, eye 1.2500 GBPUSD Technical Analysis
GBP positions. However, the pair is running into a potential area of support as the following technical analysis will illustrate:We have the last leg of the M-formation playing out on Friday. The M-formation is a reversion pattern and at some point, as the moment decelerates, bulls will be looking to buy in. On the hourly time frame, we can see prospects of a move into the lows of the month, but the 1.2450s are holding-up currently. 1.2480/2500 is eyed to the upside should the bulls take over.
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