GBP/USD Price Analysis: Bulls battle against gravity

Early forex prices have cable starting out on the bid by some 20 pips. However, the bulls are up against a strong bearish bias as the monthly chart and structure illustrate:

The triple top is bearish and the break of support for a fresh low is also painting a bearish bias on the charts.

From a weekly perspective, there is the argument for a last-minute bid to fill in the wick as follows:

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GBP/USD: Options market snaps two-week downtrend

One-month risk reversals on the British pound (GBP), a gauge of calls to puts, rose for the first time in three weeks by the end of Friday’s trading.

Risk reversals jumped to +0.150 in favor of call or bullish bets according to the latest data provided by Reuters. The gauge flashed -0.063 and -0.187 figures during the previous two weeks.

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