GBP/USD Price Analysis: Bears take on bullish commitments at weekly support

• GBP/USD bears in control and attack weekly demand area. 
• The bulls have moved in at weekly support, although the greenback has firmed at the start of the week. 

GBP/USD remains in the hands of the bears as per the following analysis. The price has been in a strong downtrend but there is some deceleration in the price action as per the daily chart. 

GBP/USD weekly chart

The price is moving in on the weekly demand area and there is more downside to go until it reaches the July 2020 lows near 1.2250. 

From a daily perspective, however, the price is starting to consolidate:

GBP/USD daily chart

The bulls stepped in at the end of last week as the US dollar corrected in month-end rebalancing. The Federal Reserve is due to meet this week which is underpinning the greenback yet again in this week's opening sessions. However, there is scope here for some accumulation on the shorter time frames that could equate to a significant correction on the daily chart. The Fibonacci scale is drawn and a move into the 38.2% Fibo or even towards a 50% mean reversion could be on the cards. 1.2700 is a compelling figure in this regard.