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Intermediate-term Technical outlook for the GBP/USD pair remains bullish as long as bullish persistence is maintained above 1.2265 (Previous Consolidation range Lower Limit) on the H4 Charts.
On May 15, transient bearish breakout below 1.2265 (the depicted demand-level) was demonstrated in the period between May 13 - May 26, denoting some sort of weakness from the current bullish trend.
However, immediate bullish rebound has been expressed around the price level of 1.2080 bringing the GBPUSD back above the depicted price zone of 1.2520-1.2600 which failed to offer sufficient bearish rejection.
Further bullish advancement was expressed towards 1.2780 (Previous Key-Level) where another episode of bearish pullback was initiated.
Short-term bearish movement was expressed, initial bearish targets were located around 1.2600 and 1.2520 which paused the bullish outlook for sometime & enabled further bearish decline towards 1.2265.
Significant bullish rejection was originated around 1.2265 bringing the GBP/USD pair back towards 1.2780, where the mid-range of the depicted wedge-pattern failed to offer enough bearish rejection.
This indicates a continuation of the current bullish movement towards 1.2970-1.2980 where the upper limit of the depicted pattern comes to meet the pair.
Trade recommendations :
Intraday traders can consider the current bullish pullback towards the depicted Supply Level (1.2980) for a valid SELL Entry.
Stop Loss should be tight, it can be placed above 1.3050 while initial T/P level to be located around 1.2780 & 1.2600.
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