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 then, the bulls have been defending 1.6250 as a prominent support. Another successful bullish retesting took place in mid-December that pushed the pair again to the upside.
Based on this 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 obvious bullish rejection of 1.6490 on Friday.
Bullish momentum was still manifest during today's consolidations till few hours ago when bearish rejection was expressed on retesting of 1.6620.
As suggested Yesterday, Profits of the BUY entry taken at 1.6470 should have been taken at 1.6575 then 1.6620.
4H closure above 1.6600 may indicate another bullish opportunity towards 1.6666 then probably new highs around 1.7000 roughly.
The material has been provided by InstaForex Company - www.instaforex.com
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