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Since September 13, the GBP/USD pair has been demonstrating a successful bullish breakout above the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700. BUY entries were suggested around the lower limit of the depicted H4 channel (1.2700). Suggested BUY entries are running in profits now.
As for the bullish DAILY breakout scenario to remain valid, quick bullish breakout above 1.3000 (50% Fibo level) was achieved by the end of last week's consolidations.
Bullish persistence above the price zone of 1.2970-1.3000 (50% Fibonacci zone) allows more bullish advancement towards the price level of 1.3170-1.3200 where the depicted downtrend comes to meet the GBP/USD pair.
Earlier Today, early signs of bearish rejection were demonstrated around the price zone of 1.3170-1.3200 (the depicted downtrend). This initiated the current bearish pullback. Expected bearish target is located around 1.3025.
On the other hand, currently, the price zone of (1.2980-1.3025) now constitutes a prominent demand zone to be watched for bullish positions if any bearish pullback occurs soon.
Trade Recommendations:
Conservative traders should wait for bearish pullback towards the price zone of 1.2980-1.3025 for a low-risk BUY entry.
T/P levels to be located around 1.3130 and 1.3200. S/L should be set as daily candlestick closure below 1.2950.
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