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  • GBP/USD bears seek a failure at the M-formation’s neckline.  
  • The dynamic support could come under significant pressure.  

The price of GBP is on the verge of either a significant upside continuation or a downside breakout.

The following chart illustrates the correction of the last bearish attempt to the neckline of the prior M-formation.  

The neckline is a critical resistance that guards a significant upside continuation against the support of the dynamic trendline support and the once bullish now turning neutral 21-EMA.

However, failures of the resistance, considering the double top highs, will open prospects of a retest of the downside breakout below the trendline and the 21-EMA.

4-hour chart