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On July 26, Bearish breakdown below 1.2385 (Wedge-Pattern Key-Level) facilitated further bearish decline towards 1.2210 and 1.2100 which corresponded to significant key-levels on the Weekly chart.
In Early August, another consolidation-range was temporarily established between the price levels of (1.2100 - 1.2220) except on August 9 when temporary bearish movement was executed towards 1.2025 (Previous Weekly-Bottom).
Since then, the GBP/USD pair has been trending-up within the depicted bullish channel except on September 3 when a temporary bearish decline was demonstrated towards 1.1960.
Around the price level of 1.1960, early signs of bullish recovery (Bullish Engulfing candlesticks) brought the GBPUSD back above 1.2100 and 1.2220 where the GBPUSD pair looked overbought.
However, further bullish momentum was demonstrated towards 1.2320 maintaining the bullish movement inside the depicted movement channel.
As Expected, Temporary bullish advancement was demonstrated towards 1.2475 - 1.2500 where the upper limit of the current movement channel applied considerable bearish rejection on September 13.
Today, another bullish trial is currently being expressed towards 1.2500 where a possible Double-Top reversal pattern may be established.
The Long-term outlook remains bearish as long as the upper limit of the current movement channel around 1.2475-1.2500 remains defended by the GBPUSD bears.
On the other hand, Bearish breakdown below 1.2400 (Reversal-Pattern Neckline) can turn the short-term outlook into bearish, thus allowing more bearish decline towards the lower limit of the movement channel around 1.2330.
Trade Recommendations:
Conservative traders can look for a valid SELL entry anywhere around the price levels of 1.2475-1.2500 for a valid SELL entry.
T/P level to be placed around 1.2330, 1.2280 and 1.2220 while S/L should be placed above 1.2550.
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