#GBPUSD @ 1.14715 The bulls have stepped in at a critical daily demand area.
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- The bulls have stepped in at a critical daily demand area.
- GBP/USD bears are lurking at ket 4-hour resistance
GBP/USD bulls are stepping in from 1.1450 and the following illustrates the potential for a correction followed by a deeper move into the demand structure on the longer time frames.
The daily chart shows that the price is at a critical demand area.
Zooming in, however, there is the potential of a move lower into the demand area.
Meanwhile, the price is starting to correct into a 38.2% Fibonacci retracement area:
As shown, there is a confluence of the prior lows and the 38.2% and 50% ratios that could act as resistance and result in the next bearish leg.
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