The GBP/USD currency pair now has an obvious bullish trend within the depicted bullish channel.
GBP/USD had approached the upper limit of the depicted bullish channel but couldn't reach it showing obvious bearish reaction towards 1.6000.
The pair has a significant support level at 1.5858 which corresponds to the lower limit of the bullish channel and two Fibonacci levels illustrated on the chart.
This support level is expected to be defended by bulls allowing the pair to resume its bullish movement towards 1.5940, 1.5995 initially.
Breaking through 1.5800 invalidates the bullish scenario in the short-term view.
