The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone.
Bullish retracement took place last week after testing 1.6000, which was capped around 1.6175 (backside of the broken bullish channel).
Price Levels 1.6115 and 1.6080 has been broken down this week confirming the bearish bias for the pair in the short term. However, there is some recovery manifested at the critical intraday support zone around 1.6000 -1.5990, the loss of which would trigger considerable bearish momentum towards 1.5960 and then to 1.5900.
Price Levels 1.6050 and 1.6080 should be watched for bearish price action and further SELL entries with SL just located above 1.6120.
The material has been provided by Instaforex Company - instaforex.com
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