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According to the linear regression channels the chart shows the following:
The GBP/USD pair has been trading within the upward movement of the depicted YELLOW channel. However, yesterday's bearish movement channel marked in violet, indicates bearish turning on the short-term.
During yesterday's consolidation, the previously mentioned level 1.5885 acted as resistance level that prevented further movement to the upside pushing the pair to the downside towards 1.5830 which acts as a support for the pair.
Today after testing the upper limit of the blue sideway channel at 1.5920, GBP/USD showed massive bearish reaction thus breaking the lower limit of the yellow channel to the downside which is another bearish signal.
The backside of the broken yellow channel is located at 1.5880 again which constitutes a good SELL entry acting as an intraday resistance level with SL located above 1.5920.
It is necessary to take into consideration that on Friday the pair moved beyond the average daily range which requires the bearish retracement.
Intraday Support levels are located at 1.5830 & 1.5800 where profits should be taken for the possible short-deals.
