The GBP/USD currency pair witnessed quick decline from 1.6120 towards 1.5730 during last week.

GBP/USD has intraday support zone located around 1.5740 - 1.5760 which prevented further decline for sometime before GBP/USD could break it down.
Resistance zone 1.5840-1.5860 was being tested Yesterday when GBP/USD showed significant bearish reaction breaking down 1.5740 - 1.5760 reaching 1.5675 today.
The GBP/USD pair's still having an Intraday Support level located around 1.5640 corresponding to the lower limit of the Blue channel and the backside of the broken bearish Violet channel.

Today few hours ago, GBP/USD has broken the lower limit of the Yellow channel at 1.5750 thus opening the way for lower levels at 1.5675.
Price Level 1.5675 corresponds to the lower limit of the Violet channel and the Average Daily Range of today's movement which constitutes a significant Intraday Support Level.
Price Level 1.5750 on retesting will be a key-level for today's movement as it's the backside of the broken Yellow channel & the upper limit of the Violet channel.
Showing bearish price action towards 1.5750 triggers the SELL entry with SL above 1.5800. However, its breakthrough will allow GBP/USD to make bullish retracement towards higher levels around 1.5850.

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