GBP/USD Price Analysis: Bears move in as US Dollar firms

• GBP/USD bulls stalling ahead of longer-term resistance.
• GBP/USD hangs over key 1.2250 structure that guards a significant bearish correction.

GBP/USD is under pressure as the US Dollar corrects. Since the prior analysis,  the Federal Reserve has driven markets to reconsider their US Dollar forecasts. However, there are prospects of a deep correction that would be expected to cap the Pound´s advance. 

DXY H4 chart

The bulls are moving in from support. 

GBP/USD technical analysis

GBP/USD is moving in on the longer-term chart´s head shoulders neckline:

GBP/USD H1 chart

However, as the greenback firms, there is the risk of a break in the structure around 1.2250 which will open risks of a significant bearish correction for the foreseeable future.