GBP/USD Price Analysis: Bears could be about to pounce for a deeper run into the lower 1.1400s

  • The bulls have stepped in at a critical daily demand area.
  • GBP/USD bears are lurking at ket 4-hour resistance.

GBP/USD bulls are stepping in from 1.1450 and the following illustrates the potential for a correction followed by a deeper move into the demand structure on the longer time frames.

GBP/USD daily chart

The daily chart shows that the price is at a critical demand area.


Zooming in, however, there is the potential of a move lower into the demand area.

GBP/USD H4 chart

Meanwhile, the price is starting to correct into a 38.2% Fibonacci retracement area:

As shown, there is a confluence of the prior lows and the 38.2% and 50% ratios that could act as resistance and result in the next bearish leg.

About the Author

You may also like these