GBP/USD is in the hands of the bears following a significant correction. Bears seeking a downside extension below hourly support. The daily chart is coinciding with a longer-term bearish outlook that opens risk to the downside having completed a significant correction of the prior bearish impulse. Bears can target a downside extension from the lower time frames and the following illustrates just that: Daily chart The price is now breaking to the downside and there can be a follow-through expected to test the prior support. 1-hour chart Bears will be looking to engage on the lower time frames seeking an optimal entry point from old support that would be now expected to act as resistance on a break and restest of the structure. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s GDP sees a record expansion of 18.3% YoY in Q4 2020 vs 18.9% expected, AUD/USD unfazed FX Street 2 years GBP/USD is in the hands of the bears following a significant correction. Bears seeking a downside extension below hourly support. The daily chart is coinciding with a longer-term bearish outlook that opens risk to the downside having completed a significant correction of the prior bearish impulse. Bears can target a downside extension from the lower time frames and the following illustrates just that: Daily chart The price is now breaking to the downside and there can be a follow-through expected to test the prior support. 1-hour chart Bears will be looking to engage on the lower time… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
