Previously, around the price zone of 1.6780-1.6800, a Double Top pattern scenario was established during February and March.
The full projection target was hit at 1.6464 (61.8% Fibonacci) after the bears managed to fixate below 1.6600 (reversal pattern neckline).
The recent lows at 1.6465 as well as 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep fixing above 1.6630-1.6666 (corresponding to a prominent top established on January 24).
As long as the ascending bottom established at the uptrend around 1.6555 remaining intact, the market will keep up its bullish momentum.
The daily chart shows a bullish breakout trial being expressed above 1.6800-1.6850. The bullish momentum should be apparent now to allow the bullish breakout to pursue towards further targets. Otherwise, failure may occur.
The nearest demand zone to meet the pair is located at 1.6820 It's the most recently established top and the upper limit of the consolidation zone.
The bullish position taken around 1.6660 -1.6675 is still running in profits. Partial profits should be taken to avoid any possible reversal.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Intraday technical levels and trading recommendations on GBP/USD for May 1, 2014 . Thanks for your support on Intraday technical levels and trading recommendations on GBP/USD for May 1, 2014
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