GBP/USD Price Analysis: GBP/USD bears on the prowl, 1.30 vulnerable

The bears GBP/USD will look to take over on the daily chart and break below 1.30 the figure.
The weekly M-formation is noted, but the weekly demand area could be mitigated before a correction to the upside.

Ross J Burland FXStreet

GBP/USD is stalling in the sell-off as the price moves into what could be deemed as a solid longer-term demand area. However, there is room to go with 1.2850 in focus for the days and weeks ahead. In the meantime, there are prospects of a bullish correction as per the daily chart.

GBP/USD weekly chart

The M-formation is a compelling chart pattern on the weekly chart and the price, in due course, would be expected to revert back to the neckline near 1.3360. 1.3150 would be the first port of call, however.

Meanwhile, there are prospects of a downside continuation according to the daily chart and the depth of the weekly demand area.

GBP/USD daily chart

The price would be expected to correct into the resistance zone and should this area hold, then the bears will take over and take this below 1.30 the figure.

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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