On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Yesterday, the GBP/USD pair found significant support at the lower limit of the triangle pattern around 1.5460 which pushed the pair to the upside for about 260 pips in one day.
Price level 1.5460 not only corresponds to the lower limit of the triangle but also to the backside of the broken downtrend line depicted on the chart as well.
The GBP/USD pair has a strong long-term Resistance zone between 1.5773-1.5840 where daily price action should be watched for valid long-term positions to be taken.
The current price level of 1.5730 corresponding to the upper limit of the symmetrical triangle should constitute an intraday Resistance for the pair even on the short-term. However, breakthrough above it opens the way towards the stronger resistance zone 1.5773-1.5840.
For risky traders, an intraday SELL position can be taken at 1.5730 with SL as 4H closure above 1.5780 with TP at 1.5700, 1.5666 then 1.5630.