GBP/USD Price Analysis: Bulls in control above old resistance

• GBP/USD bulls looking for more ground in the 1.42 area.
• There could be a retracement deeper to test prior resistance first. 

As per the prior analysis, GBP/USD moves to a fresh high in pursuit of the 1.42 area, the bulls reached the targetted area and have since pulled back.

However, the bulls might not have thrown in the towel yet.

Prior analysis, daily and 4-hour time frames

'Nevertheless, the 4-hour chart is forming a bullish reverse head and shoulders formation and on completion, the bullish price action could well burst into life.'

'The right-hand shoulder of the bullish reverse head and shoulders is in the process of being formed. 

Bulls will want to see the price break the prior highs within this formation and hope for a discount on a retest of the structure before committing to the bullish thesis.'

Prior progress updates, 4-hour and daily charts

Live market, daily and 4-hour charts

While there is a scope of a 38.2% Fibo retracement, the bulls may just take flight from the 4-hour support for an extension.