GBP/USD had been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.
Since this breakout, the bulls have been defending 1.6250 as a prominent support. Another successful retesting took place in mid-December that pushed the pair again to the upside.
Based on the above-mentioned bullish breakout, the GBP/USD pair had a projection target around 1.6630. As suggested, bearish reversal was strongly expressed off 1.6660 (30 pips higher). The pair has declined about 150 pips few hours later.
The 4H chart reveals prominent support levels located at 1.6490 and 1.6450. We can notice bullish rejection of 1.6490 compared to Friday. Bullish momentum is still manifest during today's consolidations.
These support levels provided a valid buy entry as suggested on Friday. Targets should be located at 1.6575 and 1.6620 while SL as 4H closure below 1.6400.
The material has been provided by InstaForex Company - www.instaforex.com
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