Bears are currently present in the GBPUSD market at a price of 1.28373 and are looking for a breakout to reach the neckline of the H4 W-formation.
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- GBP/USD bears are in the market and eye a breakout to target H4 W-formation neckline.
GBP/USD is offered on Monday, extending losses from Friday while the dollar index is finishing July down after a similar loss in June. However, the Greenback is rebounded from July lows that printed following below-forecast US core PCE that favoured the Fed being done with rate hikes. The following illustrates the prospects of a low close for the day on the charts:
GBP/USD is pressured below the prior week’s lows but remains on the front side of the bullish trendline.
On the daily chart, we are coiling on the front side of the bearish trend and tinkering on the edge of a bearish breakout.
The four-hour chart shows the bears moving from resistance and a 50% mean reversion level.
This leaves the W-formation’s neckline vulnerable on a break below 1.2837.
With that being said, there is the risk of a correction into the hourly M-formation’s neckline first.
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