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On October 21, the GBP/USD pair was demonstrating an ascending wedge reversal pattern while approaching the depicted SUPPLY-zone (1.2980-1.3000).
Since Then, the GBP/USD pair has failed to achieve a persistent bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponds to a previous Prominent-TOP that goes back to May 2019.
This indicated a high probability of bearish reversal around the mentioned price zone. Hence, a quick bearish movement was initiated towards 1.2780 (Key-Level) where bullish recovery was demonstrated on two consecutive visits.
That's why, the GBP/USD pair has been trapped between the mentioned price levels (1.2780-1.3000) until Wednesday when bullish breakout above 1.3000 was achieved.
Short-term technical outlook remains bullish as long as consolidations are maintained above 1.3000 on the H4 chart.
On the other hand, the pair was recently testing the upper limit of the newly-established depicted short-term bullish channel around 1.3165.
Moreover, a double-top pattern is being established around the same price level with neckline located around 1.3100.
That's why, high probability of bearish reversal exists around the current price levels. Bearish closure below 1.3100 (neckline) enhances further bearish decline towards 1.2980 where bullish recovery may be anticipated.
Trade Recommendations:
Conservative traders may have to wait for a bearish pullback towards 1.2980-1.3000 for a valid BUY signal.
Estimated bullish target would be located around 1.3120 and 1.3150.
Any bearish closure below 1.2980 invalidates the bullish scenario for the short-term allowing further bearish decline towards 1.2900 then 1.2850.
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