GBP/USD Price Analysis: Bears testing bullish commitments at key support

GBP/USD bears take on the critical support area.
Bulls could be encouraged by the development of the hourly H&S.

Ross J Burland FXStreet

GBP/USD has been pressured in recent trade and is now testing the critical short term support and psychological 1.41 level.

However, the prospects of a near term downside continuation are limited by the potential reverse head and shoulders in the making on the hourly chart.

The price is trading between a weekly 38.2% Fib support area and the resistance of the daily highs and sideways channel.

Overall, there are probabilities of a deeper retracement of the weekly bullish impulse, however, this may take some time before playing out.

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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