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Since March, the GBPUSD pair has been moving sideways within a wide consolidation range extending between 1.3670 up to 1.4250 which acted as a prominent SUPPLY that prevented further bullish advancement.
On the other hand, Bearish breakout below 1.3600 was needed to enhance further bearish decline.
However, the GBPUSD pair has been contained above the demand level of (1.3660) a few times until now.
Recently, Failure to maintain bearish pressure below 1.4000 (61.8% Fibonacci Level) has enhanced another bullish movement for retesting of the price level of 1.4250 where Conservative traders expected much selling pressure and valid SELL Entries.
Quick bearish decline was executed towards 1.3880 then 1.3800 where the GBPU/USD pair found considerable bullish support.
On the other hand, the price zone of 1.4020-1.4060 now stands as a prominent supply zone to be watched for bearish rejection and a valid sell entry upon any upcoming bullish pullback.
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