The GBP/USD pair established a recent demand level around the price level of 1.6250 where a prominent bottom was established on February 5.
A strong bullish impulse was expressed shortly after opening the way towards 1.6575 then 1.6666. Both resistance levels have been broken through.
Recently, the bulls failed to fix above 1.6800 which is manifested in the current daily candlestick.
As long as the bulls are defending price level of 1.6666, the pair remains bullish in the long-term. However, it's expected to have some bearish momentum to push towards 1.6575.
It's important to watch 4H chart for a closer view of price action towards 1.6666.
Four-hour closure below this level opens the way for the bears to gather enough momentum towards 1.6575.
On the other hand, bullish rejection may be expressed due to positive fundamental releases from the UK.
The material has been provided by InstaForex Company - www.instaforex.com
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