GBP/USD Price Analysis: Bears in town and eye last week's lows as target

GBP/USD bears are in town and eye a move towards last week's lows.
Failed breakout to the upside for the week leaves a bearish bias on the charts.

Ross J Burland FXStreet

GBP/USD shorts are in the market. Still, the price moved up marginally at times due to a weaker US Dollar on Wednesday, trimming gains made earlier in the session on the back of the Bank of England Governor Andrew Bailey who said there are still no decisions on the terms of whether interest rates would need to rise again.

Nevertheless, the downside bias is playing out as the following technical analysis shows:

GBP/USD daily chart

The bulls have run into a trendline resistance on the daily chart and rallies have ended with lower peaks in the process forming a bearish bias for the foreseeable future.

The topping pattern is more evident o the lower time frames with the head and shoulders engulfing the opening balance range for the week so far. There has been a failed breakout at last week's highs which tips the balance in favour of the sorts that came in at D1S, (Day 1 Shorts) on Tuesday. We are seeing D2S on Wednesday as the price breaks the prior day's lows and a bearish close could offer a sell-high opportunity on Thursday:

Zooming in on the head and shoulders pattern, the bears are in play and resisted in the 1.2050s and eye last week's lows.

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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