On March 29, the price levels of 1.2980 (the lower limit of the newly-established bearish movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted broken uptrend line demonstrated significant bearish rejection.

Since then, Short-term outlook has turned into bearish with intermediate-term bearish targets projected towards 1.2900 and 1.2850.

Last week, a bullish pullback was executed towards the price levels around 1.3035 (50% Fibonacci) where temporary bearish rejection was demonstrated.

However, by the end of Friday's consolidations, significant bullish momentum was initiated around 1.3000 failing to maintain bearish persistence below 1.3030-1.3000.

Short-term outlook turns to become bullish provided that the price levels around 1.3075 remains defended by the bulls.

Currently, The price zone of 1.3030-1.3075 constitutes a prominent demand-zone to be watched for bullish entries.

Trade Recommendations:

Conservative traders should be waiting for bearish retracement towards the mentioned demand-zone. T/p levels to be located around 1.3170 and 1.3250.

Any bearish breakdown below 1.3030 invalidates this bullish scenario.