#GBPUSD @ 1.09704 Price Analysis: Bears stay the course despite break of trendline resistance
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GBP/USD is shedding some ground in Asia and is on the back foot in the Tokyo open. The pair has fallen from a high of 1.0992 and has printed a low of 1.0950 so far. Cable has attempted a recovery, scoring a high near 1.1180 on the move out of the prior trendline resistance that now acts as counter-trendline support as illustrated on the hourly charts below:
The M-formation is a reversion pattern which is a reversion pattern that might be expected to see the price correct higher in the coming hours, potentially into the neckline that meets a 38.2% Fibonacci retracement level:
Meanwhile, as for the structure on the four-hour chart, the neckline of the M0formation aligns with prior support dating back to September 30 that reinforces the prospects for there being potential resistance here.
The price remains bearish below 1.1500 following the test of the weekly 78.6% Fibo’.
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