On the period between December 18th - 23rd, bearish breakout below the depicted previous bullish channel followed by quick bearish decline 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).

In the meanwhile, recent bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channel) where two episodes of bullish rejection were manifested on February 10th and 20th.

This was followed by the recent bullish pullback towards the price zone of 1.2980-1.3000 which has been offering bearish rejection until now.

The Intermediate-term technical outlook remains bearish below the price level of 1.3000 (Supply-Zone),

That's why, bearish persistence below 1.2980-1.3000 enabled the GBP/USD pair to pursue once more towards the lower limit of the channel around 1.2850 which is failing to provide enough bullish Support for the pair.

The nearest DEMAND level to be watched for bullish rejection is located around 1.2780 which is probably going to be reached quite soon.

On the other hand, any bullish breakout above 1.2870 hinders any further bearish consolidations and enhances the bullish side of the market towards the price levels of 1.2980-1.3000.