On the period between December 18th - 23rd, bearish breakout below the depicted previous bullish channel followed by transient bearish movement below 1.3000 were demonstrated on the H4 chart.
However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.
Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where the current wide-ranged movement channel was established between (1.3200-1.2980).
In the meanwhile, recent bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channel) where two episodes of bullish rejection were manifested on February 10th and 20th.
This was followed by the recent bullish pullback towards the price zone of 1.2980-1.3000 which has been offering bearish rejection until now.
Although the Intermediate-term technical outlook remains bearish below the price level of 1.3000 (Supply-Zone), any bullish breakout above 1.3000 should be waited as a valid Intraday BUY entry.
If so, further bullish advancement will be demonstrated towards the price levels of 1.3070 and 1.3150.
On the other hand, bearish persistence below 1.2980-1.3000 will probably push the GBP/USD pair back towards 1.2870-1.2850 for another retesting.
