GBP/USD Price Analysis: Bears stepping up at critical resistance

GBP/USD is in the hands of the bears following a significant correction.
Bears seeking a downside extension below hourly support.

Ross J Burland FXStreet

The daily chart is coinciding with a longer-term bearish outlook that opens risk to the downside having completed a significant correction of the prior bearish impulse.

Bears can target a downside extension from the lower time frames and the following illustrates just that:

Daily chart

The price is now breaking to the downside and there can be a follow-through expected to test the prior support.

1-hour chart

Bears will be looking to engage on the lower time frames seeking an optimal entry point from old support that would be now expected to act as resistance on a break and restest of the structure.

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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