Previously, the GBP/USD pair remained under bearish pressure to challenge the lower limit of the channel around 1.3000 which failed to hold prices above.
Shortly after, a new daily low was established around 1.2150 which was bypassed few days after.
However, considerable support zone existed around 1.1850-1.1900 which has prevented further bearish decline for sometime.
However, as bullish momentum started to fade away, more bearish visits were expected to challenge these historical low levels.
Shortly after, Quick bearish decline was executed towards 1.1075 & 1.0860 where significant Fibonacci Expansion levels are located.
Based on the upcoming price action and the next weekly candlestick closure, the next target level for the GBP/USD pair can be determined.
There would be a high chance for further bullish continuation at least towards 1.1765 specially if the newly-established ascending bottoms around 1.1000 and 1.1150 remain defended by the bulls.
Otherwise, another bearish pullback towards 1.1000 should be expected for another BUY Entry with estimated targets around 1.1500.
The material has been provided by InstaForex Company – www.instaforex.com