According to the linear regression channels the chart presents the following:
The GBP/USD pair is trading in the upward trend within the depicted channels. It is necessary to take into consideration that on Friday the pair moved beyond the average daily range which requires the bearish retracement.
During the first hours of today's consolidation, the GBP/USD pair has made a bearish breakout of the steep violet channel which is a bearish indicator.
Now the pair is testing the upper limit of the longer-term Yellow channel and the backside of the broken violet channel at 1.5885 which constitutes a strong intraday resistance.
The first support level for the pair is located at 1.5800-1.5810 corresponding to the intermediate line of the yellow channel & the lower limit of the blue one.
