GBP/USD Price analysis: Bulls need to shape up or face a significant bite from the bears

• GBP/USD bears are in the running for a significant correction from daily resistance.
• The bulls will need to defend the NY session lows.

GBP/USD is currently trading at around 1.1309 and flat on the day, although there are prospects of a move lower if Thursday's high is not breached in the forthcoming hours and the remainder of Friday's sessions. The following illustrates the price structure eon a daily and 15-min time frame. 

GBP/USD daily chart

GBP/USD is moving in on a key daily resistance at this juncture with eyes on a bullish extension beyond 1.1380 and then 1.15 the figure. The bulls will need to stay committed on the lower time frame structures as follows:

GBP/USD M15 chart

The 15-minute chart has the price stalling at the highs and pressured below horizontal resistance as it creeps beyond the trendline and horizontal supports. It is currently retesting towards the neckline of the M-formation which could result in a downside move towards the greyed areas of price imbalance left behind following Thursday's volatility. The Bulls will need to stay committed to the Fibonacci scale or at least above the New York session lows.