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The previous bullish breakout above 1.2265 has enhanced bullish movement up to the price levels of 1.2520-1.2590 where temporary bearish rejection as well as a sideway consolidation range were established (In the period between March 27- May 12).
Shortly after, transient bearish breakout below 1.2265 (Consolidation Range Lower Limit) was demonstrated in the period between May 13 - May 26 denoting some sort of weakness from the current bullish trend.
However, immediate bullish rebound has been expressed around the price level of 1.2080 bringing the GBPUSD back above the depicted price zone of 1.2520-1.2600 which failed to offer sufficient bearish rejection, and the broken uptrend line as well.
Further bullish advancement was expressed towards 1.2780 (Previous Key-Level) where signs of bearish rejection were expressed.
Short-term bearish pullback was expressed, initial bearish d located around 1.2600 and 1.2520.
Moreover, another bearish Head & Shoulders pattern (with potential bearish target around 1.2265) was recently demonstrated around the same price the pair is approaching Today.
Recent bearish persistence below 1.2500 ( neckline of the reversal pattern ) paused the bullish outlook for sometime & enabled further bearish decline towards 1.2265.
However, last week, significant bullish rejection was originated around 1.2265 bringing the GBP/USD pair back towards 1.2600 - 1.2650 where a cluster of resistance levels were located.
Earlier Today, signs of bearish rejection were manifested around the price zone of 1.2620 - 1.2650 (Mid-channel zone). This indicates a high probability of bearish reversal provided that early bearish breakout is achieved below 1.2500.
Trade recommendations :
Intraday traders could consider Yesterday's bullish pullback towards the depicted Supply Zone (1.2600-1.2650) for a valid SELL Entry.
Stop Loss should be tight, it can be placed above 1.2700 while initial T/P level to be located around 1.2450 & 1.2265.
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