The main tendency for the GBP/USD pair was bullish this week. As we see, the pair has been moving within three bullish channels which are depicted on the chart. However, the pair is showing some bullish weakness which is manifested in the recent overlapping swings that are taking place within the current Yellow channel.
Yesterday, the GBP/USD pair met the intraday Resistance Level of 1.5665 which expressed a significant bearish price action till now pushing the pair to the downside to test the lower limit of the Violet channel around price level of 1.5645. If this is broken, the pair will be able to resume its bearish movement towards 1.5600, 1.5545 then 1.5505.
The upper limit of the Yellow channel around 1.5690-1.5700 is considered as a strong intraday Resistance Level and a valid SELL entry with SL located above 1.5735.
