FX.co ★ December 17, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

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.

The price levels of (1.3380-1.3400) have prevented further bullish movement for the past few weeks.

Instead, bearish target was targeted 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 provided temporary bearish pressure on the pair before another bullish spike was demonstrated towards 1.3600 earlier Today.

Recently, the GBPUSD pair looks overbought while consolidating above the key-level of 1.3400.

Hence, intermediate-term outlook can turn into bearish provided that the pair manages to break below 1.3400. Otherwise, further bullish movement should be expected towards 1.3700 and even higher.