GBP/USD Price Analysis: Bulls pulling out in key territory near 1.2200

• GBP/USD bulls takeing a breather and price is stalling. 
• Some price discovery could be taking place and mitigation of the imbalance to the downside could be in order. 

As per the prior analysis, GBP/USD Price Analysis: Bulls set medium-term target on the 1.22 area, the bulls have stayed in control and are on the hunt for the 1.22 area.

GBP/USD prior analysis

The M-formation on the weekly chart is a reversion pattern and the neckline aligned with the key Fibonacci's we expected to draw in the price. 

GBP/USD live market, weekly chart

As illustrated, the price has continued higher towards the 1.22 area. From a lower time frame perspective, the price is stalling.

GBP/USD H1 chart

There could be a correction on the cards which would be expected to mitigate the greyed areas of imbalance in price. If the bulls step in, then this could offer support around a 50% mean reversion area.