• GBP/USD bulls are moving in on equal highs.
• Bears are lurking and 1.2200 is a critical support.

GBP/USD has popped the 1.22 level for the first time since early February as the flight to safety eased around the latest developments in the banking sector. The following illustrates a meanwhile bullish bias albeit into the bear's lair. 

GBP/USD H4 charts

GBP/USD is on the backside of the bullish market but is riding a micro-bull trend for the time being. 1.2200 is key in this regard. While holding above 1.2200, the focus is on the upside with the bulls taking on equal highs from February in the upper quarter of the 1.22 area. Eyes are on the 1.2320s at this juncture. 

If the bears move in, considering that the price is on the backside of the prior dominant bull trend, then there will be prospects of a break of the micro bull trend and structure in and around 1.2200. If this were to give, then the bears will be considered to be back in control again.