The GBP/USD currency pair experienced a quick decline from 1.6120 towards 1.5730 during the 2nd week of May.

The GBP/USD pair has an intraday support zone located around 1.5740 - 1.5760 which prevented the further decline for some time before the GBP/USD pair could break it through.

Resistance zone 1.5840-1.5860 was being tested on Monday when the GBP/USD showed significant bearish reaction breaking down 1.5740 - 1.5760 reaching 1.5638 last week where the GBP/USD pair's still having an Intraday Support Level located around 1.5640.

The GBP/USD showed some bullish reaction towards 1.5640 which pushed the pair to test the upper limit of the bearish channels around 1.5700 which is taking place now.

The GBP/USD pair has been moving within a narrow-ranged bearish channels which have been broken today.

Price Level 1.5630 corresponded to the lower limit of the Violet channel  which constituted an Intraday Support Level.

Bullish breakout above 1.5690-1.5700 (The upper limit of the Yellow and Violet Channels ) will probably open the way for the next station at 1.5745 which should be taken into account for price action.

Around Price Level 1.5770, the GBP/USD pair has the backside of broken trendline and the Average Daily Range for Today movement.

Showing the bearish price action towards 1.5770 triggers the SELL entry with SL above 1.5800. However, its breakthrough will enable the GBP/USD pair to make bullish retracement towards higher levels around 1.5850.

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