Show full picture-GBP/USD is trying to bypass resistance area 1.5940-1.5960 for the second time this week and seems to be failing in that. This will probably delay further bullish movement and push the pair down to 1.5860-1.5840. 4H closure above 1.5960 allows the pair to reach 1.6050. - Broken limit of the violet channel at 1.5850 is now acting as support level for the pair. The pair is failing to make higher highs after it made bullish breakout which is an early warning of bullish weakness at the current time. 
Show full pictureAs expected, visiting support level 1.5900 pushed the GBP/USD currency pair to the upside towards 1.5960 yesterday. The pair is failing to maintain its uptrend withing the violet channel trying to make a bearish breakout in the current time. Area 1.5925-1.5900 which corresponds to the lower limit of both violet and yellow channels should be defended by bulls. Otherwise, GBP/USD may witness a quick decline towards 1.5850. Price Level 1.5850 is an important support on the 4H chart where price action should be watched for a possible Long entry. We should pay attention as the 1H chart shows bullish weakness unlike the 4H chart which is still bullish as long as the pair is trading above 1.5850.
Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
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施行 Mohamed Samy, 解析的专家
InstaForex 公司集体 &复制; 2007-2013
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