Pound Sterling Price News and Forecast: GBP/USD 4-hour W-formation is compelling from a bearish

GBP/USD Price Analysis: Bears eye a trip to below H1 support to test 1.3330s

The W-formation is a reversion pattern that would be expected to draw in the price towards the neckline for a retest of the structure as illustrated above. However, from an hourly perspective, there is support that the bears will need to overcome in the 1.3380/70s near the 61.8% ratio:

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GBP/USD downtrend continues below M L3

The GBP/USD is moving down. We can see the confluence of the 1-2-3 pattern and the trendline. 1.3210 is the level to watch for. We can see that the price is going to possibly drop further towards the target. 1.3320 is the entry zone and the stops should go above the H4 highs. M L4 1.3210 is the strong support zone so pay attention.

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