Bears are moving in to print fresh opening range lows

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• GBP/USD bears are in the market and eye a breakout to target H4 W-formation neckline.\xa0
• Bulls could still hold up the bears ate key structure support.\xa0

GBP/USD is offered on Monday, extending losses from Friday while the dollar index is finishing July down\xa0after a similar loss in June. However, the Greenback is\xa0rebounded from July lows that printed following below-forecast US core PCE that favoured the Fed being done with rate hikes. The following illustrates the prospects of a low\xa0close for the day on the charts:

GBP/USD weekly chart

GBP/USD is pressured below the prior week\'s lows but remains on the front side of the bullish trendline.\xa0

GBP/USD daily and H4 charts

On the daily chart, we are coiling on the front side of the bearish trend and tinkering on the edge of a bearish breakout.\xa0

The four-hour chart shows the bears moving from resistance and a 50% mean reversion level.\xa0

This leaves the W-formation\'s neckline vulnerable on a break below 1.2837.

With that being said, there is the risk of a correction into the hourly M-formation\'s neckline first.\xa0