In February, the GBPUSD pair looked overbought while consolidating sideways around the price-levels of 1.3700.
Sideway movement with slight bullish tendency was demonstrated while approaching these price levels around 1.3700-1.3750.
Thats's why, Bearish pullback was expressed. However, the GBP/USD pair has failed to maintain sufficient bearish momentum.
Strong bullish movement was expressed, Hence, upside movement was expected towards the new limit of the current movement channel around 1.4100-1.4150.
Obvious Bearish rejection and a SELL Entry was suggested around this price zone. Since then, the GBPUSD pair has been moving sideways with bearish tendency.
Short-term outlook can turn into bearish if only the GBP/USD pair could maintain movement below 1.3900 then 1.3820 which correspond to 50% & 61.8% Fibonacci levels.
Bearish Persistence below 1.3820 will give solid bearish confirmation. If so, a quick bearish decline towards 1.3400 would be expected.
Otherwise, failure to push below 1.1820 would lead to another bullish advancement towards 1.4100-1.4150.
