Few Months ago, the price levels of (1.3400 – 1.3500) have prevented further bullish movement for a few weeks.
Bearish targets were projected towards 1.3300 and 1.3200 where the pair has found significant support zone.
Hence, a bullish spike was expressed towards 1.3480-1.3500 where the upper limit of the depicted movement channel has previously provided bearish pressure on the pair.
Shortly after, another bullish spike has recently been demonstrated towards 1.3600 where the upper limit of the current consolidation channel applied considerable bearish rejection again.
Recently, the GBPUSD pair looked overbought while consolidating around the price-levels of 1.3700.
Bearish reversal was recently demonstrated. A quick bearish decline was initially demonstrated towards 1.3450.
However, the GBP/USD pair has failed to maintain bearish decline below 1.3200 in the previous attempt. Instead, bullish persistence above 1.3400 invalidated the bearish scenario for the short-term.
Another temporary bullish movement is being expressed above the previous WEEKLY High around 1.3700.
Further upside movement may be expected towards the upper limit of the current movement channel around 1.3900 where bearish rejection and a possible SELL Entry are suggested.
Short-term outlook can turn into bearish if only the GBP/USD pair could break below and maintain movement below 1.3550. If so, a quick bearish decline initially towards 1.3400 would be expected.
The material has been provided by InstaForex Company – www.instaforex.com
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