The GBP/USD pair successfully achieved its projected target around 1.6600 after the bullish breakout above 1.6250 was initiated.
Obvious bearish rejection was expressed off 1.6666 after brief consolidation above 1.6600 took place on January 25.
The GBP/USD Pair established a descending bottom at 1.6470 which is considered an Intraday Supply for the pair.
The breakdown of 1.6470 opened the way directly towards 1.6250 where bullish rejection was expressed. This was manifested in the successive HAMMER daily candlesticks expressed last week.
The nearest demand level is located at 1.6250 where a recent bottom was established on December 17 as well as previous multiple tops.
As expected, bullish pressure was applied at retesting of the backside of the broken bearish channel depicted on the chart.
This pushed the pair higher again towards 1.6470 as mentioned in yesterday's article.
On the 4H chart, Price Level of 1.6470 is more prominent as an Intraday resistance.
Price Level of 1.6470 offers a valid SELL entry with SL as daily closure above 1.6500.
The material has been provided by InstaForex Company - www.instaforex.com
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