GBP/USD Price Analysis: Bulls coming up for air and eye 1.1950

• GBP/USD bulls have moved in for the kill in the Tokyo open.
• There is a bullish bias so long as the price can stay above 1.1890.

GBP/USD has been propped up in the Tokyo open despite the bearish run for the start of the month that has taken the pair to the edge of the abyss at 1.1900 the figure. GBP/USD was as low as 1.1876, its lowest point in the past 52 weeks, down 4.85% for the month and 1.62% for the week. However, the bulls are stepping in at this juncture and there is a bullish bias for the day ahead. 

GBP/USD H1 chart

The double bottom at the round number is a peak formation and a failure by the bears to keep control below 1.1900. The W-formation is a reversion pattern and the price has already been supported by the neckline which makes for a bullish thesis for the sessions ahead. A trip back below 1.1890, however, would nullify the bullish outlook for the day ahead.