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On March 29, the price levels of 1.2980 (the lower limit of the newly-established bearish movement channel) demonstrated significant bullish rejection.
This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel was located.
Since then, Short-term outlook has turned into bearish with intermediate-term bearish targets projected towards 1.2900 and 1.2850.
On April 26, a bullish pullback was executed towards the price levels around 1.3000 (the bottom of March 29) where bearish rejection was demonstrated.
Hence, a bearish Head and Shoulders pattern was being demonstrated on the H4 chart with neckline located around 1.2985.
As anticipated, The price zone of 1.3030-1.3060 turned to become a prominent supply-zone where a valid bearish entry was offered by the end of last week's consolidations.
Bearish persistence below 1.2980 (Neckline of the reversal pattern) enhanced further bearish decline.
Initial bearish Targets were already reached around 1.2900-1.2870 (the backside of the broken channel) which is failing to provide any immediate bullish support for the GBPUSD pair.
Trade Recommendations:
For those who had a valid SELL entry around the price levels of (1.3035-1.3070). It's already running in profits. S/L should be lowered to 1.2860 to secure some profits.
Conservative traders should wait for another bullish pullback towards 1.2870-1.2905 (newly-established supply zone) to look for valid sell entries. S/L should be placed above 1.2950.
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