Bullish breakout above the DAILY bearish channel took place exposing the price levels around 1.6985, 1.6900 and 1.7000 as projection targets.
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 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.
The price levels of 1.7050 constitute a significant support level to meet the pair on its way downwards. It's also the key level to determine how deep a bearish correction can go before resuming the bullish momentum.
The GBP/USD pair remains trapped roughly between 1.7170 and 1.7050 ( which is being tested today ). 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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