Recently, new descending highs were demonstrated around 1.3200 and 1.3070.
On the other hand, temporary signs of bullish rejection were manifested around 1.2980-1.3000 before bearish breakdown could occur.
Intraday technical outlook was supposed to remain bearish as long as the pair maintained its movement below 1.3070 (recently-established descending High).
Recent Bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 where Intraday traders were advised to watch price action carefully (the lower limit of the movement channel while the pair was being oversold).
Since February 10, signs of bullish rejection have been manifested, allowing the current bullish pullback to pursue above 1.3000 which failed to offer any bearish resistance.
The current bullish breakout above 1.3000 is enabling further bullish advancement towards 1.3070 and probably 1.3165-1.3200 is going to be reached where the upper limit of the current movement channel comes to meet the pair.
This extensive bullish movement will probably occur provided that the price level around 1.3070 gets breached to the upside soon enough.
Moreover, bullish persistence above 1.2980-1.3000 is needed to ensure further bullish advancement.
Otherwise, any bearish decline below 1.2980 will probably lead the GBPUSD pair towards the next demand-level (the lower limit of the channel @ 1.2890) which is likely to fail to provide enough bullish support this time.
