- Analytics
- News and Tools
- Market News
- GBP/USD Price Analysis: Bears sit back and await to pounce
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.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
