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On December 13, the GBPUSD pair looked overpriced around the price levels of 1.3500 while exceeding the upper limit of the newly-established bullish channel.
On the period between December 18th - 23rd, bearish breakout below the depicted channel followed by temporary bearish closure below 1.3000 were demonstrated on the H4 chart.
However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.
Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where bearish rejection and a new wide-ranged movement channel were established between (1.3200-1.2980).
Recently, new descending highs were demonstrated around 1.3200 and 1.3070.
Intraday technical outlook is supposed to remain bearish as long as the pair maintains its movement below 1.3070 (recently-established descending High).
Recent Bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channe) where signs of bullish rejection have been manifested Since February 10.
The current bullish breakout above 1.3000 may enable further bullish advancement towards 1.3070 and probably 1.3165-1.3200 only if the price level around 1.3070 gets breached to the upside soon enough.
Otherwise, any bearish decline below 1.2980 will probably lead the GBPUSD pair towards the next demand-level (the lower limit of the channel @ 1.2890) which is likely to fail to provide enough bullish support this time.
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