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The recent bullish breakout above 1.3000 has enabled further bullish advancement towards 1.3250-1.3270 where the upper limit of the new movement channel came to meet the GBP/USD pair.
Later on, further bullish advancement was expressed towards 1.3380-1.3400 where the pair looked overbought.
Signs of bearish Price action have been demonstrated around the price levels of (1.3380-1.3400) for the past few weeks.
Initial bearish target was reached around 1.3300. However, the pair has failed to pursue towards lower targets.
Instead, another bullish spike was expressed towards 1.3480-1.3500 where the upper limit of the depicted movement channel provided significant bearish pressure on the pair.
Recently, the GBPUSD pair looks overbought again around the price levels of 1.3400.
Hence, intermediate-term outlook remains bearish as long as the pair manages to persist below 1.3400 which constitutes a significant Key-Level to offer SELL Entries. Initial bearish target located around 1.3000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2020
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