One month ago, the bears initiated a bearish trend off price levels around 1.7150-1.7190. Since then, the GBP/USD pair has been declining within the depicted bearish channel.
The price levels of 1.7050 - 1.7000 failed to provide enough support for the pair. Hence, the bears had a potential bearish target around 1.6800-1.6850.
However, this price zone of 1.6800 - 1.6820 failed to provide support too, exposing the price level of 1.6665.
Shortly after, price levels around 1.6800-1.6820 offered a valid SELL entry at retesting. Targets were reached initially around 1.6670, 1.6625 and 1.6580.
Price action action should be watched today for a possible BUY entry upon bullish breakout of the current channel depicted on the 4H chart.
Projection targets are roughly located at 1.6660 and 1.6705.
On the other hand, the next bearish destination is located around 1.6460 in case the bears keep developing such bearish momentum. ( Price level of 1.6460 corresponds to a prominent bottom on the daily chart ).
The material has been provided by InstaForex Company - www.instaforex.com
