#GBPUSD @ 1.13736 bulls stay the course in the correction into the Fed.
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- GBP/USD bulls stay the course in the correction into the Fed.
- The bears could be lurking above a key hourly area for the day ahead.
As per the prior analysis from the New York session on Tuesday, GBP/USD Price Analysis: Bulls move in from critical hourly support, the bears are potentially lurking higher up as the price corrects from the well-extablished lows as the following update will show.
From an hourly perspective, it was stated that the price had run into a familiar support area and was expected to correct higher with the price imbalance between 1.1380 and close to 1.40 the figure eyed.
The area of mitigation could see the bears move in, making for a resistance zone for the day ahead. If this were to play out, then the daily chart’s downside potential is for an extension of the broader bear cycle:
The bears will be focused especially on the 2020 low of 1.1410.
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