Successive bottoms around 1.6465, 1.6555, and 1.6665 (corresponding to the depicted uptrend line) held price above and provided enough buying pressure to keep pushing higher.

However, in May, the bullish momentum wasn't strong enough to allow the bullish breakout above 1.7000 to pursue towards further targets. Instead, this previous breakout lost its bullish momentum showing successive lower highs that temporarily managed to breakdown the depicted uptrend line.

Again the GBP/USD pair showed bullish recovery around 1.6690 which was followed by strong bullish pressure being applied to push above 1.7000 (prominent top established on May 6).

The GBP/USD pair is now challenging new price levels that has not been visited since 2008.

Bullish fixation above 1.7000 enhances the bullish channel scenario, thus enabling the bulls to reach 1.7100 and probably 1.7130 before bearish correction takes place.

The current price zone between 1.7100 - 1.7130 should be watched for bearish price action indicating reversal.

It should constitute a significant SUPPLY zone as it corresponds to the upper limit of the depicted channel.

A short position can be triggered at the current levels with stop loss located above 1.7160.

Bearish targets should be located at 1.7055 and 1.7000.