GBP/USD Price Analysis: Bears stacked up to test trendline support
|- GBP/USD bears are moving in and eye a downside break of trendline support.
- The 4-hour 38.2% Fibonacci could be significant in the session ahead.
The safe-haven US dollar rose on Tuesday as market sentiment turned risk-averse amid further worries about the banking sector. This has flipped the technicals in GBP/USD bearish once again.
GBP/USD daily chart
The Daily M-formation is in play. The bears will need to commit to any pullbacks, however, on the lower time frames as follows:
GBP/USD H4 chart
The pair is testing trendline support but should the bears show up at the 38.2% Fibonacci in any decent size, meeting the 4-hour charts M-formaiton´s neckline, then the bias will start to move bearish again.
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