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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.
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 1.3170 quickly.
Further bearish decline was pursued towards 1.3000 which got broken to the downside as well.
Technical short-term outlook turned into bearish since bearish persistence below 1.3000 was established on the H4 chart.
Hence, further bearish decline was expected towards 1.2840 - 1.2800.
However, early signs of bullish recovery as well as some positive divergence were manifested on the chart denoting a high probability bullish breakout to be expected.
That's why, bullish breakout above 1.3000 may be anticipated. Thus allowing Intraday bullish pullback to pursue towards 1.3170-1.3190 where bearish rejection and another bearish swing can be initiated.
Bearish persistence below the newly-established downtrend line (located around 1.3000) remains a key-event to be considered for Intraday technical outlook.
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