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 previous 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.
Yesterday, the bears pushed below 1.6666. However, early bullish reaction took place before reaching 1.6570. A bullish bounce above 1.6666 indicates its significance.
The price level of 1.6720 corresponds to 50% Fibonacci of the most recent bearish impulse. Bearish rejection is expected to be found there.
On the other hand, Four hour fixation above 1.6750 invalidates the bearish swing opening the way towards 1.6780.
The material has been provided by InstaForex Company - www.instaforex.com
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