Transient bearish breakout below 1.2265 (consolidation range lower limit) was demonstrated in the period between May 13 - May 26.
However, immediate bullish rebound has been expressed around the price level of 1.2080 bringing the GBP/USD back towards 1.2780 (Previous Key-Level) where another episode of bearish pullback was initiated.
Short-term bearish movement was expressed towards 1.2265 where Significant bullish rejection brought the GBP/USD pair back towards 1.2780 where this key-level failed to offer enough bearish rejection.
Intermediate-term Technical outlook for the GBP/USD pair remains bullish as long as bullish persistence is maintained above 1.2780 (Depicted KeyLevel) on the H4 Charts.On the other hand, the pair looks overbought after such a quick bullish movement while approaching the upper limit of the current expanding channel around 1.3300-1.3320.Hence, upcoming bearish reversal shouldn't be excluded provided that sufficient bearish reversal signs are expressed around the current depicted pattern upper limit.
Trade recommendations :
Intraday traders are advised to look for Signs of bearish rejection around the current price levels (1.3320) as a valid SELL Entry.
Initial T/p level is to be located around 1.3200 and 1.3100. On the other hand, bullish persistence above 1.3350 invalidates this trading scenario.