The GBPUSD pair has been moving within the depicted bearish channel since July.
Bearish extension took place towards 1.3220 where the lower limit of the current movement channel came to meet with Fibonacci level.
Conservative traders should have taken BUY trades around 1.3200 price levels as suggested in previous articles.
Recent bullish breakout off the depicted bearish channel has occurred few days ago. However, BUYERS were watching the price levels of 1.3730 to have some profits off their trades.
Moreover, the price level of 1.3720 stands as a key-resistance to be watched for bearish reversal if Today’s bearish response persisted.
On the other hand, the short-term outlook remains bullish as long as the pair maintains its movement above the depicted channel above 1.3570.
On the other hand, any bearish decline below 1.3570 will probably enhance the bearish side of the market at least towards 1.3400.
The material has been provided by InstaForex Company – www.instaforex.com