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Overview:
Bearish breakdown of the lower limit of the previous DAILY channel occurred enhancing the bearish side of the market.
Persistence below the price zone of 1.4950-1.5000 indicated a further bearish decline.
Initial projection target for this bearish breakout was located at 1.4700. Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.
Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700. Since then, successive higher highs have been established on the H4 chart.
As anticipated, daily closure above 1.5060 (50% Fibonacci level) ended the ongoing bearish momentum, thus exposing the next resistance level at 1.5170-1.5200 (R2) for retesting.
Recently, the zone between 1.5000-1.5050 (lower limit of the H4 channel and 50% Fibonacci) turned to be Intraday support when further retesting takes place.
On the other hand, the price action should be watched around the current price levels near 1.5170 (R2) for either a low-risk sell entry or a high-risk bullish breakout opportunity in case the current short-term bullish momentum persists.
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