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On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
On October 4, the price level of 1.2900-1.2940 (the backside of the broken uptrend) initiated another bullish movement above 1.3010 and 1.3100 (61.8% Fibo level) which led to recent bullish movement towards 1.3200 where the current bearish movement towards 1.2900 was initiated.
Bearish persistence below the price level of 1.3000 (50% Fibo level) enhanced further bearish decline towards 1.2900 where bullish recovery should be anticipated again.
As for the bullish breakout scenario to remain valid, bullish persistence above 1.3010 (50% Fibo level) and 1.3100 (61.8% Fibo level) is needed to maintain sufficient bullish momentum initially towards 1.3200 and 1.3280.
Otherwise, the next bearish destination is located around 1.2800 if enough bearish momentum is demonstrated.
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