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- GBP/USD Price Analysis: Bulls hold the fort at key support, but bears are lurking
GBP/USD Price Analysis: Bulls hold the fort at key support, but bears are lurking
- GBP/USD bears are in town but the bulls have not thrown in the towel.
- The key support structure remains intact so far.
GBP/USD is threatening a move to the downside and into longs that were built up over the past week. The pair has been pressured over the course of the start of the week and made a low of 1.1459. The following charts show the bias on the hourly time frame while respecting the key structures:
GBP/USD H1 charts
the price is supported in a demand area and there are prospects of a move-in to test the resistance. However, failures there could result in a downside continuation for the days ahead. If the price breaks the 1.1430 mark, this would be a significant development:
In doing so, 1.1270 will be vulnerable which guards the start of the move from the October 21 lows near 1.1100/1.1050.
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