- Bears cap the bulls advance and a resistance structure have formed.
- Bulls will now need to be patient and wait for bullish structure in a deeper retracement.
As per the prior analysis, GBP/USD Price Analysis: Bulls await a discount in probable daily continuation, the price has indeed moved lower but the upside prospects are in jeopardy considering the 4-hour resistance structure.
Prior analysis, 4-hour chart
Live market, 4-hour chart
With so much resistance, it is too risky to be looking for a long entry until there is a deeper retracement and new bullish structure formed.
4-hour outlook
If the support gives for a break to the test the bull’s commitments at prior resistance structure and between the 39.2% and 50% mean reversion areas, then there will be prospects of newly formed bullish structure from which the bulls can engage for a test of resistance and in an onward bullish trend.
Share
