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As a glucocorticoid , the lipophilic structure of prednisolone allows for easy passage through the cell membrane where it then binds to its respective glucocorticoid receptor (GCR) located in the cytoplasm. Upon binding, formation of the GC/GCR complex causes dissociation of chaperone proteins from the glucocorticoid receptor enabling the GC/GCR complex to translocate inside the nucleus. This process occurs within 20 minutes of binding. Once inside the nucleus, the homodimer GC/GCR complex binds to specific DNA binding-sites known as glucocorticoid response elements (GREs) resulting in gene expression or inhibition. Complex binding to positive GREs leads to synthesis of anti-inflammatory proteins while binding to negative GREs block the transcription of inflammatory genes. 
I have had a severe reaction to prednisone that no one could diagnose. My brow,eyes and ears swelled up with hard Lumps that hurt and itched severely and I had bulls eye shaped hives wherever clothes were snug, such as waistband of undies, bra. The first incident did not clear until I was off the Prednisone for several months. I had been on a low dose for arthritis . I went off the Prednisone because of an antibiotic resistant infection and recently went back on. After the first dose, mg, I awoke with the symptoms. I realized then it must be the Prednisone! I stopped taking it, started taking Zyrtec and Opcon eye drops and after 24 hours the symptoms are much improved.