GBP/USD Price Analysis: Bears about to re-engage at critical 15-min resistance?

GBP/USD in a Brexit headline chop with a discount on the cards for bears.
The 15-min chart displays a potential selling opportunity.

Ross J Burland FXStreet

GBP/USD is in a chop but could be about to pull in further offers to complete a downside extension to prior resistance turning support structure.

15-min chart

As illustrated, the price is now testing a critical resistance area and has left a wick on the downside.

On the lower time frames, such as the 5-min, this wick merely represents a bullish correction from which failures beyond 1.3580 could result in further selling pressures.

If the bulls capitulate, then there are prospects of a downside correction to the 1.3530/40 support.

5-min chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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