According to the GBP/USD Linear Regression Channel 1H chart :
In today's early deals the GBP/USD pair managed to break down the lower limit of the violet channel 1.5866 which allowed the pair to decline towards the lower limit of the wider blue channel at 1.5800.
The GBP/USD pair has two strong support levels that should be defended by bulls today located at 1.5800 & 1.5775 respectively. They are expected to initiate bullish movement.
The pair also has an intraday resistance level at 1.5880 which is expected not to be passed through if tested today.
The expected scenario for the GBP/USD is to move sideways within the depicted channel limits between 1.5775 below & 1.5880 above.
Breakdown of one of the limits of the channels will most likely initiate a strong movement in the same direction.
