The GBPUSD pair has been moving within the depicted bearish channel since July.
Bearish extension took place towards 1.3220 where the lower limit of the current movement channel came to meet with Fibonacci level.
Conservative traders should have taken BUY trades around 1.3200 price levels as suggested in previous articles.
Shortly after, BUYERS were watching the price levels of 1.3730 to have some profits off their trades as it stood as a key-resistance which offered significant bearish rejection recently.
The short-term outlook turned bearish when the market went below 1.3600. This enhanced the bearish side of the market towards 1.3400 which brought the pair back towards 1.3600 for another re-test.
Hence, the recent bullish pullback towards 1.3600 should have been considered for SELL trades as it corresponded to the upper limit of the ongoing bearish channel.
It's already running in profits. Bearish persistence below 1.3400 is needed for further downside continuation while initial bearish target is located around 1.3200 then 1.3000 where the lower limit of the movement channel is located.
On the other hand, please note that any bullish breakout above 1.3400 should be considered as exit signal.
