GBPUSD Rallies to Exit From Sideways Movement; Bearish Outlook in Medium-Term

GBPUSD has reversed back down after the pullback on the 1.3255 resistance level, while it dipped sharply on Monday below the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2660, near 1.3066. Also, cable is holding well below the 20- and 40-simple moving averages (SMAs) which are ready to create a bearish crossover. The short-term bias seems to be neutral as the price holds within the 1.3300 resistance and the 1.2920 support over the last six weeks.