• GBP/USD is sliding and forming a peak formation. 
  • Bears are seeking a move down to test the 1.2620s.

GBP/USD is being pressured to the downside in lunchtime NY trade and is taking on a support structure that could lead the way to a move into test the 1.2020s and lower for the remainder of the day. 

GBP/USD H1 chart

GBPUSD 2023 05 05 11 32 29 638189047591684403

The hourly chart shows GBP/USD peaking in the 1.2650s and this gives rise to a test of the neckline of the W-formation as illustrated in the above chart. 

GBP/USD M15 chart

GBPUSD 2023 05 05 11 35 10 638189049175881154

On the 15 and 5-min charts, we can see the price taking on a support structure. 

GBPUSD 2023 05 05 11 39 31 638189051804213157

The 5-min chart shows the price action up close and the break in structure offers prospects of a move lower whereby resistance could come in near 1.2640 if there is going to be a retest of the prior lows as illustrated in the chart above.