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On March 29, a visit towards the price levels of 1.2980 (the lower limit of the newly-established bearish movement channel) could bring the GBPUSD pair again towards the upper limit of the minor bearish channel around (1.3160-1.3180).
Since then, Short-term outlook has turned into bearish with intermediate-term bearish targets projected towards 1.2900 and 1.2850.
On April 26, another bullish pullback was initiated towards the price zone of 1.3130-1.3170 where the depicted bearish Head and Shoulders reversal pattern was demonstrated on the H4 chart with neckline located around 1.2980-1.3020.
Hence, Bearish breakdown below 1.2980 allowed the recent significant bearish movement to occur.
Initial bearish Targets were already reached around 1.2900-1.2870 (the backside of the broken channel) which failed to provide any bullish support for the GBPUSD pair.
Further bearish decline was demonstrated towards the lower limit of the long-term channel around (1.2700-1.2650) where the GBPUSD pair looked oversold obviously.
That's why conservative traders were suggested NOT to consider any SELL signals around those low price levels.
As anticipated, bullish breakout above 1.2650 has already been achieved. This enhanced the bullish side of the market towards 1.2750 which prevented further bullish advancement Temporarily.
For the bulls to remain dominant, another bullish breakout above 1.2750 is needed to extend potential bullish targets towards 1.2800, 1.2890 and 1.2940 if sufficient bullish momentum is demonstrated.
On the other hand, the price level of 1.2650 stood as a prominent demand level offering a valid BUY entry earlier Yesterday(demonstrating a bullish Head & Shoulders reversal pattern).
However, any bearish breakout below 1.2650 invalidates the mentioned bullish scenario.
Trade Recommendations:
For Intraday traders, A valid BUY entry can be offered upon bullish breakout above 1.2750. T/P level to be located around 1.2820, 1.2900 and 1.2940. S/L should be placed below 1.2690.
Conservative traders should wait for an extensive bullish movement towards 1.2870-1.2905 (newly-established supply zone) to look for valid long-term SELL entries. S/L should be placed above 1.2950.
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