GBP/USD Price Analysis: Bears press 1.3700 critical daily support

GBP/USD bears move in to take on critical daily support.
Bears eye a break of 1.3700 for a way to 1.3640s.

Ross J Burland FXStreet

GBP/USD is on the verge of a break of critical support according to the following top-down analysis that illustrates the market structure across the daily, 4-hour and 1-hour charts.

GBP/USD daily chart

The daily chart shows that the price has run-up to a critical area and level of resistance between 1.3700 and 1.3750. A downside correction could be on the cards on a break below 1.37 as follows:

GBP/USD H4 chart

The 4-hour chart is on showing that the price is on the verge of a break of this current support and in doing so, there is room to the 1.3640s.

GBP/USD H1 chart

The hourly chart offers a double top confirmation as well.

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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