- GBP/USD bulls are correcting the bearish hourly drop.
- The price could be on the way to the 61.8% ratio prior to a possible downside continuation.
The GBP/USD price has corrected 50% of the hourly bearish impulse. The bulls have been chipping away as profits are taken with bears moving aside one by one. This has resulted in a slow decelerating correction from which could attract sellers again.
GBP/USD hourly chart
The GBP/USD price is testing the prior hourly lows looking left which could act as resistance. With that being said, there are prospects of a test of the 61.8% ratio and higher resistance structure before the correction finally stalls.
GBP/USD 15-min time frame
From a GBP/USD 15-min perspective, the bears will like to see the 1.3780s broken as confirmation of a higher probability that the correction is over and a continuation to the downside is on the cards.
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