May 2, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

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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, 1.2800 and 1.2750 where the lower limit of the depicted channel comes again to meet the GBPUSD pair.

Earlier this week, a bullish pullback was executed towards the price levels around 1.3035 (50% Fibonacci) which is being temporarily breached to the upside.

Short term outlook remains bearish provided that the price levels around 1.3075 remains defended by the bears.

For the bearish side to gain sufficient momentum, a quick bearish H4 candlestick closure should be achieved below 1.3035. Otherwise, the pair remains trapped within the depicted Price-zone (1.3035 - 1.3090).

Trade Recommendations:

A Bearish SELL entry was suggested around 1.3090. It's already running in profits. Bearish Targets are located towards 1.3035, 1.2920, 1.2800.

Any bullish breakout above 1.3074 (61.8% Fibonacci level) invalidates this bearish scenario.

The material has been provided by InstaForex Company - www.instaforex.com