GBP/USD Price analysis: Bears stacked up to test trendline support

• GBP/USD bears are moving in and eye a downside break of trendline support. 
• The 4-hour 38.2% Fibonacci could be significant in the session ahead. 

The safe-haven US dollar rose on Tuesday as market sentiment turned risk-averse amid further worries about the banking sector. This has flipped the technicals in GBP/USD bearish once again. 

GBP/USD daily chart

The Daily M-formation is in play. The bears will need to commit to any pullbacks, however, on the lower time frames as follows:

GBP/USD H4 chart

The pair is testing trendline support but should the bears show up at the 38.2% Fibonacci in any decent size, meeting the 4-hour charts M-formaiton´s neckline, then the bias will start to move bearish again.