GBP/USD Price Analysis: Bulls on the sidelines, watching how the week plays out

• GBP/USD bulls in anticipation of a bullish correction.
• The weekly M-formation is a compelling feature on GBP/USD charts. 

GBP/USD is testing the 1.30 psychological figure in risk-off market conditions. There is room for lower, according to the weekly chart, with eyes on 1.2850. However, the bulls are waiting in the flanks for a bullish weekly close that could signal the end of the current bearish cycle with a focus on a reversion towards 1.3380. 

GBP/USD weekly chart

The M-formation is mature and bulls will be in anticipation of a correction starting from within the demand area, as illustrated don the weekly chart above. A weekly bullish close is required to signal the prospects of the leg higher.