The GBP/USD pair successfully achieved its projected target around 1.6600 after the bullish breakout above 1.6250 was initiated.
Price level of 1.6600 is acting as a daily resistance for the pair until now.
Last bullish movement exceeded 1.6600 rendering 1.6666 as the highest price in January. However, bearish engulfing daily candlestick was immediately expressed from these high levels (1.6666).
The nearest demand level is located at 1.6250 where a recent bottom was established on December 17 as well as previous multiple tops.
Last week's DAILY candlesticks failed to reach 1.6250 and the resulting candlesticks were Hammer candlesticks indicating bullish presence around 1.6250 to push towards 1.6470 which is the nearest SUPPLY level to meet the pair.
The daily view remains bullish towards 1.6470 as long as 1.6250-1.6300 remains defended by the bulls.
Following 1.6470, the next SUPPLY level to meet the pair is located at 1.6600.
The material has been provided by InstaForex Company - www.instaforex.com
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