GBPUSD Price Analysis: Bears lurking at key resistance, 1.1150 eyed

GBPUSD has seen some volatility in the open following Friday's correction.
Bears eye a move to test 1.1150 for the days ahead.

Ross J Burland FXStreet

Risk-off markets have kicked off a bout of demand for the greenback that is rising across the board. As per the prior analysis, GBPUSD Price Analysis: Bears move in on a fresh layer of support, where it was explained that the ''price might be expected to correct at this juncture,'' the bulls indeed moved in as follows:

GBPUSD prior analysis

GBPUSD update

It has been a very solid move that could see a move lower out of the coil on the daily chart as follows:

The resistance around 1.1430/50 will be key in this regard. Pressures in a recovery in the greenback could see the support of 1.1150 give 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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