- GBP/USD bears are lurking at key resistance levels.
- A downside correction can be expected for the days ahead.
GBP/USD's correction is starting to decelerate into the resistance that is marked by the 38.2% Fibonacci retracement level neat 1.3080. However, there is a confluence of the old structure next toward a 50% mean reversion of the European Central Bank sell-off and hourly bearish impulse. Either of these areas can ve considered resistance and a downside continuation can be expected for a lower low and fresh cycle lows in the longer-term time frames:
GBP/USD H1 chart
