Intermediate-term Technical outlook for the GBP/USD pair remains bullish as long as bullish persistence is maintained above 1.2780 (Depicted KeyLevel) on the H4 Charts.
On the other hand, the GBPUSD pair looked overbought after such a quick bullish movement while approaching the price level of 1.3475.
That's why, short-term bearish reversal should be expected provided that bearish persistence is maintained below the current price level of 1.3300.
Last week, significant bearish rejection was initiated around 1.3475 followed by a quick bearish decline towards 1.3245 where some transient bullish recovery was manifested.
The price level of 1.3320 remains an Intraday Key-level to offer bearish pressure if retested again soon. Earlier Today, Some signs of bearish signs have already been manifested around 1.3300.
Trade recommendations :
Intraday traders are advised to look for bearish rejection anywhere around the price levels of (1.3320) as a valid SELL Entry.
Initial T/p level is to be located around 1.3250, 1.3200 and 1.3100 if sufficient bearish pressure is maintained. On the other hand, bullish persistence above 1.3350 invalidates this trading scenario.
