The GBP/USD pair has been fluctuating heavily within the past few weeks failing to maintain a directional long-term trend. However, on the midterm aspect, consolidation came again above 1.5970. Getting back inside the previous consolidation range indicated that the upper limit around 1.6160 would be visited. It took place last week with further bullish pressure towards 1.6300, corresponding to 78.6% Fibonacci Level, where the GBP/USD pair expressed significant bearish reaction reflected in the inverted hammer daily candlestick depicted on the chart.
On the 4H chart the GBP/USD pair expressed significant bearish price action reaction towards 1.6300 establishing a significant resistance zone.
Last week, the GBP/USD sellers managed to step below 1.6100. However, an immediate bullish reply took place pushing the pair towards higher levels maybe aiming to retest last month's high at 1.6307 which took place yesterday.
Price Levels around 1.6245 - 1.6295 provided a valid bearish signal for the pair yesterday which is running in profit now. However, the current price zone 1.6170 - 1.6130 is considered an Intraday Support zone to be watched for bullish price action, so profits should be taken.
Breakdown below the Intraday Support Price Zone 1.6125 - 1.6100 is necessary to maintain the long-term bearish movement.
Technical resistance levels: 1.6200, 1.6245, and 1.6300.
Technical support levels: 1.6105, 1.6080, and 1.6000.
