GBP/USD Price Analysis: Bears sit back and await to pounce
|- GBP/USD bulls are attempting to correct and move out of a bearish channel.
- Bears await the bulls with pleasure for a discount.
GBP/USD is a sinking ship and the bears are eyeing a move back towards all-time lows for the foreseeable future. With that being said, a bullish correction could be in order and the following illustrates the potential for a move back towards higher volumes that line up against a declining trendline resistance prior to the next series move to the downside.
GBP/USD daily chart
The bears have been in control for the first half of the week and have taken the price to the edge of a critical support structure that protects again a fast drop to 1.09 the figure, as illustrated below.:
The price is stalling at 1.1020 support and up against the channel's resistance. The bulls could slide out to the backside of the channel at this juncture which would open the prospect of either a significant bullish correction or some meanwhile price discovery prior to the next meaningful downside continuation.
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