The recent bullish breakout above 1.3000 has enabled further bullish advancement towards 1.3250-1.3270 where the upper limit of the new movement channel came to meet the GBP/USD pair.
Later on, further bullish advancement was expressed towards 1.3380-1.3400 where the pair looked overbought.
Signs of bearish Price action have been demonstrated around the price levels of (1.3380-1.3400) for the past few weeks.
Initial bearish target was reached around 1.3300. However, the pair has failed to pursue towards lower targets.
Instead, another bullish spike was expressed towards 1.3480-1.3500 where the upper limit of the depicted movement channel has been providing significant bearish pressure on the pair.
Recently, the GBPUSD pair looks overbought while consolidating above the key-level of 1.3400 with signs of bearish rejection being expressed around 1.3550.
Hence, intermediate-term outlook turns into bearish provided that the pair manages to break below 1.3400. Otherwise, further bullish movement should be expected towards 1.3600 and even higher.