FX.co ★ February 17, 2021 : GBP/USD Intraday technical analysis and significant key-levels.

The GBPUSD pair has been moving within the depicted bearish channel since July.

Bearish extension took place towards 1.3220 where the lower limit of the current movement channel came to meet with Fibonacci level.

Conservative traders should have taken BUY trades around 1.3200 price levels as suggested in previous articles.

Recent bullish breakout off the depicted bearish channel has occurred few days ago. However, BUYERS were watching the price levels of 1.3730 to have some profits off their trades.

Moreover, the price level of 1.3720 stood as a key-resistance which offered significant bearish rejection recently.

Shortly after, the short-term outlook turned bearish when the market went below 1.3600. This enhanced the bearish side of the market towards 1.3400 which brought the pair back towards 1.3600 for retesting.

Hence, the current bullish pullback towards 1.3600 should be considered for SELL trades as it corresponds to the upper limit of the ongoing bearish channel.

Any bullish breakout above 1.3700 should be considered as exit signal.