FX.co ★ October 20, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Intermediate-term technical outlook for the GBP/USD pair has remained bullish since bullish persistence was achieved above 1.2780 (Depicted Key-Level) on the H4 Charts.

On the other hand, the GBPUSD pair looked overbought after such a quick bullish movement while approaching the price level of 1.3475.

That's why, short-term bearish reversal was expected especially after bearish persistence was achieved below the newly-established key-level of 1.3300.

A quick bearish decline took place towards 1.2900 then 1.2780 where considerable bullish rejection has been expressed during the past few weeks.

The price zone of 1.3130-1.3150 (the backside of the broken-trend) remains an Intraday Key-Zone to offer bearish pressure if retested again.

However, the GBPUSD pair has been showing lack of sufficient bullish momentum to pursue above the price level of 1.3000 upon the last few bullish trials.

That's why, Bullish Persistence above the depicted price zone of 1.2975 -1.3000 is needed to allow bullish pullback to pursue towards higher price levels.

Until then, the GBP/USD remains trapped between the price levels of 1.2840 - 1.3000 until breakout occurs in either directions.