Bullish breakout above the depicted bearish channel took place exposing price levels around 1.6985 as a projection target.
Simultaneously, daily closure above 1.6820 took place enhancing bullish impulse towards 1.6900 and 1.7000.
The GBP/USD bulls are now challenging Psychological resistance around 1.7000 which took place before on May 6 when extensive bearish pressure was applied.
Note the daily candlestick of Thursday when the bulls managed to close above 1.7000.
This threatened the bearish trend of the market. However, the bulls are not showing enough bullish follow-through at such important levels.
A bearish corrective movement is not excluded to occur towards 1.6830-1.6860 provided that the support key-level around 1.7000 gets broken-down again by significant bearish pressure.
Bullish pressure was applied at retesting of the uptrend line depicted on the 4H chart. However, we should mention that the current movement may be transition to a sideways or maybe bearish correction as long as the last top around 1.7065 remains unbroken.
Price levels of 1.6860 constitutes a significant support level to meet the pair on its way downwards.
The material has been provided by InstaForex Company - www.instaforex.com
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