Bulls Still Present on GBP/USD from 1.3619?

The Great Britain pound versus the United States dollar currency pair seems to be under bullish dominance. Can the bears do something about it?

Long-term perspective
The rally that started from the 1.2251 low managed to climb until the 1.3482 high. However, as the price stretched too much and too fast above the triple resistance area defined by the 1.3261 level, the falling trendline, and the upper line of the ascending channel, the bears seized the opportunity and sent it to the 1.2675 low.
From there, the bulls rotated the price, continuing the previous appreciation, only this time giving it the shape of an ascending trend. Like so, the quotation reached the 1.3745 high, conquering in the process not only the 1.3261 level but also the next firm area, 1.3616.
As the chart highlights, the bears were not that happy with the latter bullish attempt, for they put the price under 1.3616. Nevertheless, the bulls gave the low of 1.3519 the glow of a false piercing.
Still, every bullish push seems to be limited by the upper line of the ascending channel. Nevertheless, the bulls are keeping the situation under very tight control. In other words, as the trendline was not able to unveil a fall, the expectation is for the price to consolidate.
So, as long as the price oscillates above 1.3616, the bulls can prepare for 1.3854, their next objective. On the flip side, if 1.3616 turns resistance, 1.3502 is the immediate support, thus the next bearish target. From there, the bulls could try another rise. However, if 1.3502 cedes, 1.3261 may be paid a visit.

Short-term perspective
From the 1.3187 low, the bulls pushed the price to the 1.3702 high. From there, a consolidation phase materialized, with oscillations revolving around the 1.3652 and 1.3515 areas, respectively.
If the bulls do validate 1.3652 as support and manage to thrust from it, then 1.3771 is their next target. A fall beneath 1.3652 could delay further bullish endeavors, as the price may reach 1.3515.
Only if 1.3515 cedes, then the drop could extend until the intermediary level of 1.3392.

Levels to keep an eye on:

D1: 1.3636 1.3854 1.3502 1.3261
H4: 1.3652 1.3771 1.3515 1.3392

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Original from: www.earnforex.com