GBP/USD Price Analysis: Bears seek a break of structure while price slows below 1.2200 GBPUSD Currencies Technical Analysis
as the following will illustrate. This gives rise to the prospects of a significant correction over the coming week:from a presumed level where there could be resistance if the price were to continue higher over the next day or so, a 38.2% Fibonacci retracement level comes in near the 1.2080s as potential support. GBP/USD H4 chart
Drilling down to the 4-hour chart, above, there could be a pop to test 1.2200-1.2250 but a subsequent failure and break of the micro-dynamic support will possibly lay the foundations for the anticipated correction.Meanwhile, the price is still very much on the front side of the trend. However, the hourly micro trendline is now under some pressure adding substance to the corrective bias at this point. A break of the 1.2140 structure is needed to cement the bearish case for the day ahead.
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