FX.co ★ October 22, 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.

However, On September 1, the GBPUSD pair looked overbought after such 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 1.2780 where considerable bullish rejection brought the pair back towards 1.3000 and 1.3100 during the past few weeks.

The current price zone of 1.3130-1.3150 (the depicted trend line) remains an Intraday Key-Zone to determine the next destination of the GBPUSD Pair.

Bullish Persistence above the mentioned price zone of 1.3100-1.3150 will probably allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested bullish pattern.

Otherwise, another bearish movement may be expressed towards the price level of 1.2840 where bullish SUPPORT exists.