Sideway movement with slight bullish tendency was demonstrated while approaching the price levels around 1.3700-1.3750.
Thats’s why, Bearish pullback was initiated. However, the GBP/USD pair has failed to maintain sufficient bearish momentum.
Strong bullish movement was expressed, Upside movement was expected towards the new limit of the current movement channel around 1.4150-1.4200.
Obvious Bearish rejection and a SELL Entry was suggested around this price zone. Since then, the GBPUSD pair has been moving sideways with some bearish tendency.
Short-term outlook has turned into bearish after the GBP/USD pair could maintain movement below the price zone of 1.3820-1.3900 which corresponded to (61.8%-50%) Fibonacci zone. However, the pair has recently failed to drop below the price level of 1.3670.
Recent bullish trials for retesting of 1.3900 should have given many valid SELL Entries as suggested in previous article.
Bearish Persistence below 1.3820 favoured bearish decline towards 1.3600 where the lower limit of the depicted movement channel could be tested.
Bearish breakout below 1.3600 was needed to enhance further bearish decline towards 1.3500 and probably 1.3400.
However, the GBPUSD pair was trapped above the ascending trend (1.3670) and the key-level around 1.3850 until bullish breakout took place few hours ago.
The current bullish breakout above 1.3900 will probably liberate further bullish movement towards 1.4100 then 1.4200.
The material has been provided by InstaForex Company – www.instaforex.com
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