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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.