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Few weeks ago, Further Bullish advancement was demonstrated towards 1.2800 then 1.3000 when the neckline of the depicted Double-Bottom pattern (1.2400-1.2415) was breached to the upside.
Since October 21, 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.
Moreover, the depicted ascending wedge reversal pattern has been confirmed indicating a high probability of bearish reversal around the price-zone of 1.2950-1.2970.
Hence, a quick bearish movement was anticipated towards 1.2780 (Key-Level) where some bullish recovery was recently initiated on October 24.
The recent Bullish rejection around the price levels of 1.2780, indicated another temporary bullish movement towards 1.2980-1.3000 where another long-term bearish swing was initiated as expected.
Since last week, signs of bullish recovery have been demonstrated around 1.2780. However, The short-term outlook remains bearish as long as consolidations are maintained below 1.2900.
On the other hand, a quick bearish breakout below 1.2780 is needed to enable further bearish decline towards 1.2600-1.2650 where some bullish recovery should be anticipated.
Trade Recommendations:
Intraday traders should wait for bearish breakout below 1.2780 as a valid SELL entry. Expected Bearish target is projected towards 1.2650 then probably 1.2560.
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