Overview:
On March 2, bearish breakdown of the lower limit of the previous DAILY channel occurred enhancing the bearish side of the market.
Persistence below the price zone of 1.4950-1.5000 indicated a further bearish decline.
Initial projection target for this bearish breakout was located at 1.4700. Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.
Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700. Since then, successive higher highs have been established on the H4 chart.
As anticipated, daily closure above 1.5060 (50% Fibonacci level) ended the ongoing bearish momentum, thus exposing the next resistance level at 1.5350 (upper limit of the ongoing H4 channel) for retesting.
Recently, the zone between 1.5000-1.5050 (lower limit of the H4 channel and 50% Fibonacci) turned to be an intraday support when further retesting takes place.
On the other hand, the price action should be watched around the current price levels (1.5300-1.5350) for a low-risk sell entry.
Bearish targets would be located at 1.5200, 1.5110 and possibly 1.5050 if enough bearish momentum is expressed.
