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On December 12, the previously-dominating bearish momentum came to an end when the GBP/USD pair visited the price levels of 1.2500 where the backside of the broken daily uptrend was located.
Since then, the current bullish swing has been taking place until January 28 when the GBP/USD pair was almost approaching the supply level of 1.3240 where the recent bearish pullback was initiated.
Shortly after, the GBP/USD pair lost its bullish persistence above 1.3155. Hence, the short-term scenario turned bearish towards 1.2920 (38.2% Fibonacci) then 1.2820-1.2800 where (50% Fibonacci level) is roughly located.
Last week, lack of bullish demand was demonstrated around 1.2920 until Friday when significant bullish recovery was demonstrated around 1.2800-1.2820 (Fibonacci 50% level) resulting in a Bullish Engulfing daily candlestick.
This initiated the current bullish breakout above the depicted H4 bearish channel. Hence, remaining bullish target is projected towards 1.3155, 1.3200 and 1.3240.
On the other hand, the GBP/USD pair currently has a significant demand zone located around (1.2960-1.2925) to be watched for BUY entries.
Bullish persistence above 1.2960 (newly-established demand zone) remains mandatory so that the current bullish movement can pursue towards the mentioned bullish targets. Any bearish breakdown below which invalidates the whole bullish scenario for the short term.
Trade Recommendations :
Any bearish pullback towards the depicted H4 demand zone (1.2960-1.2925) should be watched for a valid BUY entry. S/L to be located below 1.2890. T/P levels to be located around 1.3040, 1.3155 and 1.3235.
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