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On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Last week, the GBP/USD pair has found significant support at the lower limit of the triangle pattern around 1.5460 which pushed it to the upside for about 260 pips in one day.
Price level 1.5720, which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair on the short term as expected. However, temporary breakthrough above it opened the way towards the stronger resistance zone 1.5773-1.5840 which expressed its bearish pressure quickly.
The GBP/USD pair has come back to consolidate within the depicted triangle again allowing the pair to make some bearish retracement which can be observed more clearly on the 4H chart.
The nearest Support level is located around price level of 1.5472 which should hold price above on the midterm.
This week after stepping above the price level of 1.5720, the GBP/USD pair was testing the broken resistance level of 1.5720 which failed to hold price above.
Price zone between 1.5773-1.5840 constituted a supply zone which was expected to bring bearish retracement towards 1.5600 before further movements can take place.
Bearish retracement was expected especially after this quick bullish movement. This bearish retracement was confirmed with 4H closure inside the triangle again (below level 1.5667) which confirmed the reversal Head & Shoulders pattern depicted on the chart. That's why price level of 1.5670 (neck line) provided strong resistance yesterday.
GBP/USD pair has broken down an important support zone located between 1.5612 - 1.5575 which was expected to bring a bullish move to the market. However, breakdown of 1.5570 extended the bearish retracement towards 1.5490.
Price level 1.5670 constitutes an important support level where price action should be watched.
Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Mohamed Samy
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