The GBP/USD pair expressed an obvious bullish rejection towards the lower limit of the depicted movement channels around 1.5825 which pushed the pair towards 1.6130 corresponding to the upper limit of the channel where bearish domination is expected to be present.
It's anticipated that if bearish rejection at price level 1.6130 could enable the GBP/USD pair to close below 1.6076(78.6% Fibonacci) again, this will allow the pair to touch the lower targets probably at 1.6030 & 1.5950 initially.
Although the GBP/USD pair is still trading above 78.6% Fibonacci Level (a bullish sign), there's lack of bullish follow up which may be an indicator of weakness of bulls at this point.
Price action towards resistance levels of 1.6120-1.6130 should be watched on lower timeframes in order to catch an early low risk SELL entry.
