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, the bearish reversal was strongly expressed at 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 an obvious bullish rejection at 1.6490 on Friday and recently this week.
Bullish momentum was manifest all through the current week's consolidations until bearish rejection was expressed on retesting of 1.6620 on Tuesday.
4H closure above 1.6600 may indicate another bullish opportunity towards 1.6666 then probably new highs around 1.7000 roughly.
On the other hand, bearish reversal is being expressed today and maybe preparing for another bearish impulse towards 1.6490.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GBP/USD intraday technical levels and trading recommendations for January 29, 2014 . Thanks for your support on GBP/USD intraday technical levels and trading recommendations for January 29, 2014
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