• GBP/USD is on the verge of a bearish breakout, but support could be firm. 
• The bulls will monitor for accumulation at this juncture. 

GBP/USD is stalling at a critical level of daily support and the following is an analysis of the markets structure and potential hypothetical outcomes from both a bearish and bullish point of view. 

GBP/USD daily chart 

GBP/USD daily chart prospects

From a bullish perspective, following a phase of accumulation, the price would ideally break the prior highs and on a retest of that old resistance, the bulls would be expected to engage at a discount protected by a support structure.

Meanwhile, from a bearish perspective, the price could break the current support structure and bears could well be inclined to engage on a restest of the old support that would be expected to act as resistance. 

The above scenario presumes a downside continuation and a correction of that impulse, to say, a 38.2% Fibonacci retracement from where the confluence of the old support will act as a firm resistance. Thus a continuation could be traded from within the next bearish impulse and downside continuation.