On the period between December 18th - 23rd, bearish breakout below the depicted previous bullish channel followed by transient bearish movement below 1.3000 were demonstrated on the H4 chart.
However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.
Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where the current wide-ranged movement channel was established between (1.3200-1.2980).
Recent temporary bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channe) where evident bullish rejection was manifested on February 10.
Last week, temporary bullish breakout above 1.3000 has been expressed until Wednesday when another bearish decline below 1.3000 brought the GBPUSD pair back towards the lower limit of the channel @ 1.2870 -1.2850 where another episode of bullish recovery is being demonstrated.
As expected, the current bullish pullback managed to pursue towards the price zone of 1.2980-1.3000 which may fail to offer enough bearish rejection.
Although the Intermediate-term technical outlook remains bearish below the price level of 1.3000 (Supply-Zone), any bullish breakout above 1.3000 should be waited as a valid Intraday BUY entry.
If so, further bullish advancement will be demonstrated towards the price levels of 1.3070 and 1.3150.
On the other hand, bearish rejection around 1.2980-1.3000 will probably push the GBP/USD pair back towards 1.2870-1.2850 for another retesting.
The material has been provided by InstaForex Company - www.instaforex.com