- 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:
The price is now breaking to the downside and there can be a follow-through expected to test the prior support.
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.