GBPUSD Price Analysis: Bears are sinking in their teeth and eye 1.1700 / 1.1650

• GBPUSD made a break below the structure and the W-formation is a reversion pattern.
• Bears are coming back in at the counter-trendline resistance and eye a target of 1.1700 with 1.1650 below there. 

GBPUSD was pressured on Wednesday as US Treasury yields moved higher and investors eyed hawkish comments from Federal Reserve officials. Meanwhile, the Pound came under pressure due to the UK government's latest budget. When marrying the technicals, there is a bearish outlook for Cable as the following illustrates:

GBPUSD daily chart

Wednesday was a red day, leaving a bearish wick on the charts which is essentially a lower time frame business that is vulnerable to a correction, as per the following 15-min chart:

GBPUSD H1 charts

GBPUSD H1 zoomed in:

The trapped volume up top needs the price to continue higher, but those longs could be out of luck as the retest of the counter-trendline could prove to be a failed effort if the bears commit over the course of the next day and final sessions of the week. We have seen a break of structure already and the W-formation is a reversion pattern that would be expected to hamstring the price to the downside for a target of 1.1700 and 1.1650 below there.