The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone.
It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000.
The pair remained under heavy SELLING pressure before recovery attempt from 1.5675 zone succeeded to push the pair above 1.5750 level.
Last week, Price Level 1.5830 was recommended as a valid SELL entry with SL above 1.5895 which got activated shortly after, today we need to have clear breakdown of the weekly low 1.5673. Otherwise, consolidation again above 1.5750 might hinder further short-term bullish movements.
Theoretically speaking, the pair has confirmed a giant "double-top" pattern to be targeting 1.5350 as long as the pair is consolidating below neck-line around 1.5830 - 1.5890.
