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Since January 13, progressive bearish pressure has been built above the price level of 1.2780-1.2800 until March the 2nd when transient bearish breakout 1.2780 took place within the depicted wide-ranged slightly bearish channel.
Shortly after, significant bullish rejection was demonstrated around 1.2780 on March 4. Hence, a quick bullish movement was expressed towards the price zone of 1.3165-1.3200 where significant bearish pressure brought the pair back below 1.2780, 1.2500 then 1.2260 via quick bearish engulfing H4 candlesticks.
Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016 (As depicted on the Weekly Chart).
Recently, the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.
Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.
Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.
Next bullish targets around 1.2520 and 1.2680 are expected to be addressed if sufficient bullish momentum is maintained.
On the other hand, H4 Candlestick re-closure below 1.1900 hinders further bullish advancement and enhances the bearish momentum on the short term.
If so, Initial Bearish targets would be located around 1.1650 and 1.1450 provided that quick H4 bearish closure below 1.1900 is achieved.
Trade recommendations :
Conservative traders should be watching for any bearish pullback towards 1.1900 as a valid BUY signal. T/P level to be located around 1.2000 and 1.2265 while S/L should remain below 1.0770.
On the other hand, the current bullish movement demonstrated towards 1.2265 can be watched for a valid SELL signal by Intraday Traders. S/L should be set as H4 candlestick closure above 1.2300.
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