The GBP/USD Linear Regression Channels are directed to the upside with variable bullish tendency due to Yesterday's bullish reaction towards Support Level 1.5630.
Yesterday, the GBP/USD expressed significant bullish reaction towards 1.5630 which corresponds to the lower limit of the Yellow channel. However, the market is not showing strong enough bullish domination at the current time.
Price Level 1.5755 corresponds to the upper limit of the Blue channel and the mid-line of the Yellow one constituting a strong Intraday Resistance level to be watched today.
Failure of GBP/USD to break through above 1.5755 brings a quick bearish movement towards 1.5650 initially. However breakthrough above this level will probably allow the pair to visit 1.5840 soon enough.
It's suggested either to wait for revisiting support level 1.5630 or to breakthrough resistance level 1.5755 to take a BUY entry for further bullish target levels.
Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
