Bullish breakout above the depicted bearish channel took place thus exposing price levels around 1.6985 as a projection target.
Simultaneously, daily closure above 1.6820 took place enhancing bullish impulse towards 1.6900 and 1.7000.
The GBP/USD bulls are now challenging Psychological resistance around 1.7000 which got visited before on May 6 when extensive bearish pressure was applied then.
Note the daily candlestick of Thursday when the bulls managed to close above 1.7000.
This threatened the bullish sentiment of the market. However, the bulls are not showing enough bullish follow-through at such important levels.
A bearish corrective movement is not excluded to occur towards 1.6830-1.6860 provided that the recent high around 1.7000 gets broken-down again by significant bearish pressure.
Price levels of 1.6860 constitutes a significant support level to meet the pair on its way downwards.
