GBP/USD Price Analysis: Bulls are making a mark on the H1 chart

• GBP/USD bears need a break of 1.1750 or face continued [presence from the bulls.#
• The bulls are attempting to correct through near-term hourly resistances.  

GBP/USD bulls have sprung to life as the US dollar is faded across the board. The pair has been in a strong downtrend of late and the following illustrate the prospects of a bullish correction on the weekly chart, although leaves the door open for a move lower from an hourly basis also. 

GBP/USD weekly chart

The M-formation on the weekly chart is a reversion pattern that would be expected to see the price drawn into the neckline, or thereabout, in due course. The tide is with the bear overall, however, so the 38.2% Fibonacci could well be the spot where bears could reemerge from. 

GBP/USD H1 chart

The price is penetrating near-term resistance on the hourly chart, which tips the balance over to the bulls, for now. However, should the bulls fail to close above there, then this will open prospects of a move lower yet again, as illustrated. A break of 1.1750 will be key in such a scenario.