Obvious Bearish rejection and a SELL Entry was suggested around the price zone of (1.4150-1.4200) which corresponds to the upper limit of the movement channel.
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.
Previous 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 below the key-level around 1.3850 until a bullish breakout above 1.3945 took place Yesterday.
The current bullish breakout above 1.3900 will probably liberate further bullish movement towards 1.4100 then 1.4200 unless the pair returns to consolidate below 1.3880 once more.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.