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A Shooting Star daily candlestick occurred previously around 61.8% - 50% Fibonacci levels. Such bearish pressure offered SELL positions.
Bullish rejection was initiated when the market pushed below 1.6100 and 1.6060 on September 9. However, another bearish leg was expressed below 1.6060 during the current month.
On the other hand, the price zone of 1.6100-1.6140 remains a prominent SUPPLY zone where considerable bearish pressure was applied on the pair on Thursday.
On Wednesday, bullish recovery was expressed off 1.5880. Bullish engulfing daily candlestick is depicted on the chart. Bullish targets were located around the price zone of 1.6130-1.6180 ( already reached ).
Bullish breakout off the depicted bearish channel is apparent on the daily chart. A bullish corrective move towards 1.6300 may occur.
Breakout above 1.6140 is essential to confirm this suggested position. Otherwise, the pair remains under bearish pressure to revisit 1.5880 at least.
4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.
A SELL entry was suggested around the price level of 1.6140 last week. The resulting bearish swing managed to push below 1.5950 ( weekly DEMAND level ).
This week, the bulls managed to push beyond the upper limit of the channel as well as previous broken bottom ( probably now acting as resistance ).
The GBP/USD pair remains trapped between the backside of the channel (1.6020 ) and price level of 1.6140. Breakout in either direction is necessary.
Another SELL entry was suggested around 1.6140-1.6180.It's running in profits now. Stop Loss should be located above 1.6200. Initial bearish target is located around 1.5880.
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