GBPUSD: Rally hits trendline; sellers may returnGBP/USDOANDA:GBPUSDEldric_Morran_GBPUSD has staged a strong rebound but is stalling just below 1.3470, a level where a downtrend line has repeatedly halted previous recovery attempts. Although the pair is trading above the EMA34 and EMA89, the medium-term structure has not yet confirmed a reversal, as the overhead resistance remains intact. The fundamental backdrop also remains unfavorable for the British Pound. The Bank of England (BoE) maintains a cautious stance, while the US Dollar continues to find support from the Federal Reserve's less-than-dovish position and US Treasury yields. I favor a scenario where the price fails to break through the 1.3470 level and subsequently faces renewed selling pressure, pushing it back toward the 1.3340 demand zone. I prefer a SELL position upon a rejection signal at 1.3470, with an initial target of 1.3340.