GBPUSD Price Analysis: Bears move in on a fresh layer of support

GBPUSD bears are now taking on a new layer of support.
Bulls eye a correction for the end of the week.

Ross J Burland FXStreet

As per the prior analysis that was made after the Federal Reserve event on Wednesday and during high volatility, GBP/USD Price Analysis: Bears pounce on the bulls and drag them back to channel support, the price has followed the trajectory as forecasted.

GBP/USD prior analysis

It was stated that the price had dropped into the channel's support following Powell's pushback against rallying risk markets when pressed for commentary around the timings of a pivot. However, it was argued that on a break of support, there was a void of liquidity according to the rally that took place on October 25:

It was argued that the most likely trajectory from here would be for a correction prior to the next impulse to the downside, and that's what we got, with follow-through to the next layer of support:

The price might be expected to correct at this juncture but the Nonfarm Payrolls will be the clincher at the start of the North American day on Friday:

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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