The GBP/USD pair successfully achieved its projection target around 1.6600 after the bullish breakout above 1.6252 took place on November 27.
Further bullish movement took place towards the recent high at 1.6666. However, bearish engulfing daily candlestick was expressed off these high levels (1.6666) on Friday.
This brought the pair back below 1.6600 extending down to 1.6475 (the recent top on the daily chart).
Today few hours ago, the pound sterling Pound was pushed again above 1.6590, reaching today's high at 1.6620.
This is fundamentally-induced movement as investors are awaiting British economic data which is expected to confirm the strength of the economic growth of the UK.
This week, bullish recovery is witnessed after testing the price zone of 1.6475-1.6500 corresponding to Demand zone between 50% and 61.8% Fibonacci levels of the bullish swing are between 1.6310 and 1.6666.
The price zone of 1.6475-1.6500 is the key zone of this week's movement.
As expected, bullish fixation above enhanced bullish momentum towards the recent high around 1.6660-1.6620.
On the other hand, re-fixation below it will probably apply further bearish pressure towards 1.6400 then 1.6320.
The material has been provided by InstaForex Company - www.instaforex.com
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