The GBPUSD pair has been moving within the depicted bearish channel since July.
Recently, BUYERS were watching the price levels of 1.3730 - 1.3800 to give-up their bullish trades as it offered significant bearish rejection.
The short-term outlook turned bearish when the market went below 1.3600. This enhanced the bearish side of the market towards 1.3200 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.
Shortly after, Bearish persistence below 1.3360 was needed to enable further downside continuation towards 1.2980 - 1.3000.
Bullish rejection has arised many times around 1.3000 standing as a significant Daily Support where the previous consolidation range has arised. This happened before another bearish decline could take place earlier Today.
Another bearish breakout below 1.2980 has enabled quick bearish extension towards 1.2750 where some bullish recovery and probably a sideway movement should be anticipated.
On the other hand, ullish breakout above 1.2980 abolishes the short-term bearish scenario and may enable quick bullish advancement towards 1.3300 and probably 1.3600 if sufficient bullish momentum is expressed.
