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 was expected especially after bearish persistence was achieved below the key-level level of 1.3300.
A quick bearish decline towards 1.2900 where significant bullish recovery is being expressed.
The price zone of 1.3130-1.3150 (the backside of the broken trend) remains an Intraday Key-Zone to offer bearish pressure if retested again soon.
Trade recommendations :
Intraday traders are advised to wait for bullish pullback towards 1.3130-1.3150 (the backside of the broken trend) as a valid SELL Entry.
Initial T/p level is to be located around 1.3050 and 1.2900 if sufficient bearish pressure is maintained. On the other hand, bullish persistence above 1.3200 invalidates this trading scenario.
