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Few weeks ago, Further Bullish advancement was demonstrated towards 1.2650 then 1.3000 after the neckline of the depicted Double-Bottom pattern (1.2400-1.2415) was breached to the upside.
Since October 21, the GBP/USD pair has failed to achieve a persistent bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponds to a previous Prominent-TOP that goes back to May 2019.
Instead, an ascending wedge reversal pattern was confirmed on October 22. This indicated a high probability of bearish reversal around the mentioned price zone.
Hence, a quick bearish movement was anticipated towards 1.2780 (Key-Level) where some bullish recovery was recently demonstrated on October 24.
The recent Bullish rejection around the price levels of 1.2780, indicated another temporary bullish movement towards 1.2980-1.3000 where another long-term bearish swing towards 1.2780 was initiated as expected.
Since last week, lack of enough bearish pressure has been demonstrated on the chart. Instead, sideway consolidation movement is being expressed between 1.2780-1.2900.
The short-term outlook remains bearish as long as consolidations are maintained below 1.2900 on the H4 chart.
On the other hand, a quick bearish breakout below 1.2780 is needed to enable further bearish decline towards 1.2600-1.2650 where another episode of bullish recovery should be anticipated.
Please note that H4 candlestick closure above 1.2900 invalidates the previous bearish scenario allowing a bullish movement to pursue towards 1.2970 again.
Trade Recommendations:
Intraday traders should wait for bearish breakout below 1.2780 as a valid SELL entry. Expected Bearish target is projected towards 1.2650 then probably 1.2560.
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