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In the period between October 17 to December 4, the GBP/USD pair has been trapped between the price levels of 1.2780 and 1.3000 until December 4 when bullish breakout above 1.3000 was achieved.
Moreover, a newly-established short-term bullish channel was initiated on the chart. In which, the GBPUSD has recently hit the price level of 1.3500.
Technical outlook was bullish as long as consolidations were maintained above 1.3170-1.3190 on the H4 chart.
On the other hand, the GBPUSD has recently exceeded the upper limit of the depicted bullish channel on its way towards 1.3500 where the pair looked quite overpriced.
This was followed by successive bearish-engulfing H4 candlesticks which brought the pair back towards 1.3300 quickly.
Further bearish decline was pursued towards 1.3170-1.3190 which was broken to the downside as well.
Short-term outlook remains bearish as long as bearish persistence below 1.3190 is maintained on the H4 chart.
Initial Bearish projection target was already reached around 1.2980-1.3000 where early signs of bullish recovery is manifested.
Intraday bullish pullback is anticipated to occur towards 1.3170-1.3190 where bearish rejection and another bearish swing can be initiated.
On the other hand, early bearish breakout below 1.3170 is needed to enhance further bearish decline towards 1.2840.
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