Bullish breakout above the DAILY bearish channel took place exposing price levels around 1.6985 as a projection target.
Simultaneously, daily closure above 1.6820 took place enhancing a bullish impulse towards 1.6900 and 1.7000.
The GBP/USD pair managed to break through the psychological resistance around 1.7000 which previously provided extensive bearish pressure during the last visit on May 6.
Bullish pressure was applied at retesting the bullish channel lower limit depicted on the 4H chart. This pushed the pair towards 1.7150 where the upper limit of the depicted channel is located.
Bullish pressure was once applied as a trial to break through the upper limit of the 4H movement channel. However, lack of follow-through existed as bullish pressure being applied was not enough to ensure success of the bullish breakout.
On the other hand, Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles with SL located just above 1.7190.
Price levels of 1.7050 constitute a significant support level to meet the pair on its way downwards. It's also a key level to determine how deep bearish correction can go before resuming the bullish momentum.
The GBP/USD pair remains trapped roughly between 1.7070 and 1.7170. Breakout in either direction is needed to pursue towards further targets.
The material has been provided by InstaForex Company - www.instaforex.com
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