On the midterm scale, the GBP/USD currency pair is moving sideways in a slightly bearish channel since it managed to break through the midterm uptrend line on July 5.
Price levels of 1.5460 and 1.5520 which correspond to 61.8% and 50% of Fibonacci levels are based on the previous bullish swing 1.5266 up to 1.5774.
On the intraday scale the price zone of 1.5400 corresponds to the lower limit of the long-term channel which constituted a very strong support zone which was able to push the GBP/USD pair to the upside to 1.5520 and 1.5570 untill now.
The pair is probably forming a midterm bearish Head & Shoulders reversal pattern with its right shoulder located around R1 (1.5645) which is rendered a valid sell entry with SL located above 1.5728.
The Following Price Levels: 1.5400,1.5460 and 1.5520 are considered as Intraday Support levels while 1.5640, 1.5720 and 1.5770 are considered Intraday Resistance Levels for the GBP/USD pair.
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