GBP/USD has been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.
Since this breakout, the bulls have been defending 1.6250 as a prominent support for them. Further successful retesting took place on mid of December that pushed the pair again to the upside.
The daily chart shows recent bearish rejection at the upper limit of the ongoing channel around 1.6590 (on January 2). This pushed the pair towards 1.6310 where another bullish impulse was initiated.
Based on the mentioned bullish breakout, the GBP/USD pair has a projection target located around 1.6630. Any BUY positions should be closed there.
In the long -term, there is a prominent WEEKLY resistance located around 1.6740. Daily fixation above 1.6600-1.6630 will probably open the way towards it. However, we should notice price action at 1.6630 initially as bearish rejection may take place off there.
