The GBP/USD Violet and Blue Linear Regression Channels are weakly bullish with almost transverse Yellow channel due to weak narrow-ranged movement of the pair during Yesterday and Today. On Monday, GBP/USD expressed significant bullish reaction towards the lower limit of the Yellow and Blue channels around 1.5540 which pushed the pair to the upside Yesterday. Yesterday, we suggested having a BUY entry around 1.5580 which was triggered then the bulls managed to hit its first TP level at 1.5630. However, the bullish dominance started to fade out today when the GBP/USD pair failed to breakthrough 1.5650 and managed to breakdown the lower limit of the Violet channel. Price Level 1.5580 still constitutes a strong Intraday Support Level as it corresponds to the mid-line of the Yellow channel and the lower limit of the Blue one where price action should be watched for a possible earlier exit signal of the bullish position triggered yesterday. Breakdown of price level 1.5580 opens the way for the GBP/USD pair to reach 1.5550 and 1.5515 easily. Failure of GBP/USD to breakdown price level 1.5580 confirms the bullish targets for the GBP/USD which are located at 1.5630 then 1.5680 on the Intraday scale.
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