GBP/USD Price Analysis: Bears waiting to take a bite out of bullish correction

• GBP/USD bears are lurking within the daily correction.
• Bears eye a downside extension to weekly targets. 

As per the prior analysis, GBP/USD Price Analysis: Bears in control, but daily M-formation could be a spanner in the works, the bulls have taken charge in a delayed M-formation. The following illustrates the potential for a move into 1.2450 for the days ahead:

GBP/USD daily chart

The price edged into the weekly demand area from where the bulls have now engaged and driven back the bears towards the 38.2% Fibonacci retracement level. However, from a weekly basis, there could be still some downside to go from here and before the week is up: