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Since May 17, the previous downside movement within the depicted bearish channel came to a pause allowing the recent sideway consolidation range to be established between 1.2750 - 1.2550 with a prominent key-level around 1.2650.
In June , temporary bullish consolidation patterns were demonstrated above 1.2650 for a few trading sessions.
However, the price level of 1.2750 (consolidation range upper limit) has prevented further bullish advancement few times so far.
Moreover, signs of bearish rejection have been manifested (Head & Shoulders reversal pattern with neckline located around 1.2650).
Bearish breakdown below 1.2650 (reversal pattern neckline) confirmed the reversal pattern with bearish projection target located at 1.2550, 1.2510 and 1.2450.
Intermediate-term technical outlook remains under bearish pressure as long as the market keeps moving below 1.2550 (the lower limit of the depicted consolidation range).
In July 18, another Bullish pullback was demonstrated towards the depicted price zone 1.2480-1.2500 (61.8% - 50% Fibonacci levels) which failed to provide enough bearish pressure temporarily.
That's why, further bullish pullback was demonstrated towards the backside of the broken consolidation range (1.2550) where another valid SELL entry was offered by the end of last week's consolidations. It's already running in profits.
Bearish persistence below 1.2500-1.2460 (61.8% - 38.2% Fibonacci levels) is mandatory to ensure further bearish decline towards 1.2360 where the lower limit of the depicted movement channel comes to meet the GBP/USD pair.
Bearish breakdown below 1.2360 invites a quick bearish decline towards 1.2320 and 1.2270 which correspond to significant key-levels on the Weekly chart.
On the other hand, please note that any bullish breakout above 1.2560 invalidates the previously mentioned bearish scenario.
Trade Recommendations:
Conservative traders can have another SELL Entry upon any upcoming bullish pullback towards 1.2550.
Initial T/P levels to be located around 1.2480, 1.2430 and 1.2360 while S/L should be placed above 1.2590.
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