The recent prominent lows around 1.6465 and 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep pushing higher.

The bullish momentum wasn't strong enough to allow the bullish breakout above 1.6880-1.6900 to pursue towards further targets. Instead, this breakout lost its bullish momentum showing successive lower highs as a part of a bearish 123 reversal pattern as depicted on the chart.

The lower limit of the bullish wedge was broken down two weeks ago showing a full-body bearish daily candlestick. This enhances the bearish side of the market so far.

Once before, the GBP/USD pair showed bullish recovery after testing of 1.6730. Thus, it may constitute a DEMAND level on intraday basis.

If the bears manage to break-down the currently tested DEMAND level around 1.6730-1.6700, the pair will have obvious targets around 1.6670 initially.

The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing demand has been fulfilled around 1.6920 which led to a price decline again.

Bearish breakdown of 1.6825-1.6800 ( which means breakdown of the previous congestion zone as well ) exposed price level of 1.6740 which has already been hit today.

Price zone of 1.6750-1.6730 corresponds to lower limit of the ongoing channel. Thus, it should be watched for price action at retesting for a possible BUY entry.

On the other hand, 4H closure below this price zone suggests a bearish limb towards 1.6670 immediately.