The GBPUSD pair has been moving sideways with some bearish tendency while bearish breakout below 1.3600 was needed to enhance further bearish decline.
On the other hand, the nearest SUPPLY level was located around 1.4000 where bearish rejection and a valid SELL Entry was anticipated.
The recent bullish rejection witnessed around 1.3600 as well as the temporary bullish breakout above 1.3830 indicated a high probability that this bullish movement may pursue towards 1.4025 then 1.4100.
However, the pair remained trapped within a fixed price range until significant bearish momentum emerged into the market.
Bearish breakout below 1.3680 enabled further bearish decline towards 1.3400 which corresponded to 123% Fibonacci Level of the most recent bearish movement.
This was a good entry level for a corrective bullish pullback towards 1.3650 and 1.3720 which was temporarily bypassed.
Shortly after, the pair was testing the resistance zone around 1.3830 where bearish pressure originiated into the market.
Currently, the short-term outlook is bearish as long as the pair maintains its movement below 1.3730 and 1.3570.
Another bearish visit was expected towards 1.3400 where significant bullish rejection was expressed as it corresponded to significant Fibonacci Expansion Level.
Any bearish decline below it will probably enable more bearish extension towards 1.3270.
On the other hand, the price level of 1.3570 stands as an intraday resistance level to be watched either for bearish reversal or a continuation pattern upon any upcoming visit.
