Pound Sterling Price News and Forecast: GBP/USD bears await the bulls with pleasure for a discount
|GBP/USD Price Analysis: Bears sit back and await to pounce
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.
Could GBP/USD fall towards the 1.10 level?
Looking at GBPUSD’s chart, we can see that after its great recovery from the rate of around 1.0840 to around 1.14, it starts falling to the current rate of around 1.1083. Today we could expect that fall to continue with the possibility to reach the rate of 1.10 whereas the very strong support level is located far below at the level of around 1.0780-1.08.
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