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GBPUSD: Bullish reaction is coming?

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Although we cannot yet rule out a new bottom on daily chart, from a technical point of view, we are approaching an interesting support area, and this should trigger a bullish reaction on the pair. That said, our short-term view is bullish and we will follow the development in the next few hours on intraday chart (Reversal Pattern formation is necessary to trigger the rally).

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📊 Trend is still bearish on intraday chart (1H):

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🔴 GBP/USD received a much-needed reprieve on Wednesday with bond-market help, and if the U.S. 30-year Treasury yields' rejection of 5% and 10-year notes falling short of 4.9%, the key now is whether these reversals hold, which would allow greater room for a sterling rebound.
While bond market moves will continue to dictate much of the action, the pound has also been underpinned by a sizeable upward revision to the flash services PMI report. The final reading showed an upgrade to 49.3 from 47.2, albeit still in contraction territory.
A key day reversal in GBP/USD is an encouraging sign for dip-buyers. However, should the move be considered more than a countertrend rally, a close above 1.2270-1.2300 would likely be needed.

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📊 Intraday Chart:

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🔴 If the pair wants to trigger a new Top (15' chart), 1.2160 is the first support area (then 1.2140).

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