GBP/USD made a strong bullish move after successfully retesting the broken downtrend line marked on the chart.
GBP/USD is now testing an important area of resistance 1.6433-1.6565 (its importance is due to the previous congestion zones marked on the chart).
The price action is showing weakness of the bullish move manifested in the daily closures as have hanging man & shooting star candlesticks.
We need to see daily closure below 1.6433 to make sure that bears are able to dominate the market now.
On the 4H chart, the pair is consolidating inside a narrow range 1.6433-1.6580.
The pair has broken a short-term bullish channel now retesting its lower limit.
It's important to mention that 1.6464 is a strong short-term support for the pair as it has multiple previous tops broken before.
We need to see breakout of the current congesting range to take a trade with TP 100 pips in the same direction of initial breakout.
