One month ago, 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, bears had an initial bearish target around 1.6800.
However, this price zone of 1.6800 - 1.6820 failed to provide support too. Thus, maintaining the downside movement within the depicted chart.
The current bearish destination is located around 1.6460 which has been hit earlier today. (Price level of 1.6460 corresponds to a prominent bottom on the daily chart).
In case bulls maintain the current daily closure in the form of a "bullish hammer daily candlestick", bullish breakout is likely to occur this week.
Otherwise, sustained bearish pressure will expose price levels around 1.6340 for retesting. It's the nearest daily support to meet the pair.
The material has been provided by InstaForex Company - www.instaforex.com
