• GBP/USD target 1.2270 for the days ahead.
• GBP/USD bears need to get below 1.1900.

Forex markets are unforgiving and prices are two-way as volume kicks in again following the slow start to the week on Monday that was put down to a US holiday. GBP/USD rallied from a 50% mean reversion of Friday's bullish run and broke to 1.2150 on Tuesday, breaking a key resistance around 1.2050 which has invalidated the prior downside bias for the time being as the following top-down analysis will illustrate:

At the start of the week, it was shown in the following article that there was a case for lower due to the formation of the weekly head and shoulders: