In February, the GBPUSD pair looked overbought while consolidating sideways around the price-levels of 1.3700.
Sideway movement with slight bullish tendency was demonstrated while approaching these price levels around 1.3700-1.3750.
Thats’s why, Bearish pullback was expressed. However, the GBP/USD pair has failed to maintain sufficient bearish momentum.
Strong bullish movement was expressed, Hence, upside movement was expected towards the new limit of the current movement channel around 1.4100-1.4150.
Obvious Bearish rejection and a SELL Entry was suggested around this price zone. Since then, the GBPUSD pair has been moving sideways with bearish tendency.
Short-term outlook has turned into bearish after the GBP/USD pair could maintain movement below 1.3820 which corresponds to 61.8% Fibonacci level. Any bullish trials for retesting should give a valid SELL Entry.
Bearish Persistence below 1.3820 will enhance bearish decline at least towards 1.3500
The material has been provided by InstaForex Company – www.instaforex.com
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