On April 15, the bulls were concentrated around 1.6666. They provided significant support on the last pull-back resulting in a bullish reversal Hammer daily candlestick.
Shortly after, a consolidation zone was established between 1.6767-1.6830. The bulls couldn't show enough follow up around 1.6850. Instead, a sideway movement is taking place.
The GBP/USD pair looks bearish on the short-term prospective. Breakdown of 1.6767 opens the way towards 1.6700 and 1.6660.
On the other hand, price zone of 1.6830-1.6850 should be considered for selling as long as the bulls can't achieve the daily closure above it.
The material has been provided by InstaForex Company - www.instaforex.com
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