In the period between December 18th - 23rd, bearish breakout below the previous bullish channel followed by quick bearish decline below 1.3000 were demonstrated on the H4 chart.
However, Immediate bullish recovery (around 1.2900) brought the pair back towards 1.3250 (backside of the broken channel) where the current wide-ranged movement channel was established below 1.3200.
Since January 13, progressive bearish pressure has been built above the price level of 1.2780-1.2800 until March, the 2nd when transient bearish breakout 1.2780 took place.
Shortly after, significant bullish rejection and an inverted Head & Shoulders reversal pattern was demonstrated around March 4.
Hence, a quick bullish movement was expressed towards the price zone of 1.3165-1.3200 where significant bearish pressure brought the pair back below 1.3000, 1.2780 then 1.2600 via quick bearish engulfing H4 candlesticks.
Recently, the GBPUSD has reached new LOW price levels around 1.1450 where the GBP/USD pair looked very OVERSOLD.
Yesterday, Conservative traders were advised to look for signs of bullish rejection for a probable bullish reversal opportunity around the historical price levels of (1.1500-1.1450). This bullish opportunity is currently running in profits.
Initial bullish targets would be located around 1.2000, 1.2130, 1.2200, 1.2250.
Moreover, the price zone of (1.1640-1.1700) now constitutes a prominent demand zone to be watched for bullish positions if any bearish pullback occurs.
On the other hand, Further bullish advancement enables higher bullish targets around 1.2400, 1.2500, 1.2680 to be addressed if sufficient bullish momentum is maintained above 1.2130 (Latest descending High).
