GBP/USD Price Analysis: Bulls battle against gravity
- GBP/USD is in for a bearish monthly close but bulls are testing the bear's commitments in the open.
- Bears need the 4-hour resistance to hold for the near term.
Early forex prices have cable starting out on the bid by some 20 pips. However, the bulls are up against a strong bearish bias as the monthly chart and structure illustrate:
The triple top is bearish and the break of support for a fresh low is also painting a bearish bias on the charts.
From a weekly perspective, there is the argument for a last-minute bid to fill in the wick as follows:
However, from a daily perspective, the downside is in play and there could be an immanant bearish continuation already in play:
The 4-hour chart offers a bearish structure which would be expected to act as resistance, although a break of which will put the bulls in charge for the near term:
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.
