In 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 towards 1.3250 (backside of the broken channel) where the current wide-ranged movement channel was established below 1.3200.

Since January 13, progressive bearish pressure has been built above the price level of 1.2780-1.2800 until March, the 2nd when transient bearish breakout 1.2780 took place.

Shortly after, significant bullish rejection and an inverted Head & Shoulders reversal pattern was demonstrated around March 4.

Hence, a quick bullish movement was expressed towards the price zone of 1.3165-1.3200 where significant bearish pressure brought the pair back below 1.3000 then 1.2780 via quick bearish engulfing H4 candlesticks.

Today, the GBPUSD has reached new low price levels around 1.2080 where the pair looks quite OVERSOLD.

Conservative traders should be looking for signs of bullish rejection for a probable bullish reversal opportunity around the current price levels (1.2080).

If so, initial bullish target would be located around 1.2520. Further bullish advancement enables higher bullish targets around 1.2400, 1.2600, 1.2680 and 1.2740 to be addressed.