The GBPUSD pair has been moving sideways with some bearish tendency Until Bearish breakout below 1.3700 enabled quick bearish decline to occur towards 1.3400 which corresponded to 123% Fibonacci Level of the most recent bearish movement.
This was a good entry level for a corrective bullish pullback towards 1.3650 and 1.3720 which was temporarily bypassed.
Shortly after, the pair was testing the resistance zone around 1.3830 where bearish pressure originiated into the market.
More bearish extension took place towards 1.3220 where the lower limit of the current movement channel came to meet with Fibonacci level.
Conservative traders should have taken BUY trades around 1.3200 price levels as suggested in previous articles.
Recent bullish breakout off the depicted bearish channel has occurred few days ago. However, BUYERS are watching the upcoming price levels of 1.3730 to have some profits off their trades.
Moreover, the price level of 1.3720 stands as a key-resistance to be watched for bearish reversal if some bearish signs existed Today.
On the other hand, the short-term outlook remains bullish as long as the pair maintains its movement above the depicted channel above 1.3570.
On the other hand, any bearish decline below 1.3570 will probably enhance the bearish side of the market at least towards 1.3400
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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