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Since May 17, the previous downside movement within the depicted bearish channel came to a pause allowing the recent sideway consolidation range to be established between 1.2750 - 1.2550.
On July 5, a bearish range breakout was demonstrated below 1.2550 (the lower limit of the depicted consolidation range). Hence, quick bearish decline was demonstrated towards the price zone of 1.2430-1.2385 (where the lower limit of the movement channel came to meet the GBPUSD pair).
On July 18, a recent bullish movement was initiated towards the backside of the broken consolidation range (1.2550) where another valid SELL entry was offered few weeks ago.
Moreover, Bearish breakdown below 1.2350 facilitated further bearish decline towards 1.2320, 1.2270 and 1.2125 which correspond to significant key-levels on the Weekly chart.
The current price levels are quite risky/low for having new SELL entries. That's why, Previous SELLERS were advised to have their profits gathered.
Recently, weak signs of bullish recovery were demonstrated around 1.2100.
This may push the GBPUSD to retrace towards 1.2260 then 1.2320 if sufficient bullish momentum is maintained above 1.2230.
On the other hand, The price zone of 1.2320 - 1.2350 (backside of the broken channel) stands as a prominent SUPPLY zone to be watched for new SELL positions if the current bullish pullback pursues towards it.
Trade Recommendations:
Intraday traders are advised to look for early bullish breakout above 1.2230 for a counter-trend BUY entry.
Conservative traders should wait for the current bullish pullback to pursue towards 1.2320 - 1.2350 for new valid SELL entries.
S/L should be placed above 1.2430. Initial T/P level to be placed around 1.2279 and 1.2130.
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