Bearish pressure was applied near the level of 1.6600 (the upper limit of the expanding wedge) resulting in a double-top pattern which achieved its projection target (1.6350)В one week after.
Failure of the GBP/USD pair to breakdown 1.6350 allowed enough bullish momentum to be gathered to push again towards 1.6460. This price level provided a SELL entry as expected on Friday.
Further bearish pressure was applied on the pair Yesterday as the bears established another lower high around 1.6450. This enhances our bearish scenario increasing the probability of the bears to breakdown below 1.6350 today.
Estimated bearish targets are located at 1.6280-1.6230 (prominent DEMAND zone).В The bears have to achieve 4H fixation below 1.6350 in order to gather enough bearish momentum.В В Otherwise, the bulls will be shooting at 1.6460 again.
Price action should be watched carefully around 1.6250 in order to catch a BUY entry to make profits of the ongoing long-term bullish direction.