According to the linear regression channels the chart presents the following:
The GBP/USD pair has been trading within the upward movement of 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.
The GBP/USD pair made bearish breakout of both violet and blue channels respectively. However, the broken channels have not been retested yet.
The backside of the lower limit of the violet channel is located around 1.5885 which constitutes an important intraday resistance level for the pair and a good SELL entry with SL located above 1.5920.
The first support level is located at 1.5805-1.5815 where profits should be taken for the possible short-deals necessary for retesting around 1.5885.
