The GBP/USD pair is demonstrating a strong bullish movement which was maintained within the depicted movement channel. However, on Friday the market witnessed some expected bearish retracement.
The GBP/USD pair has resumed its bullish movement recording a higher high last Thursday at 1.5912 after breaking through 1.5750 reaching the upper limit of the depicted channel which acted as a supply zone for the pair.
The most significant Resistance level is located around 1.5910, this price level was tested last week expressing obvious bearish reaction which pushed the GBP/USD pair towards the lower limit of the depicted movement channel. That's why bullish movement should break through this level in order to make other bullish swings.
The lower limit of the movement channel as well as the significant Support level are located between 1.5750-1.5770 where price action should be watched for a possible valid low risk BUY entry with SL located below 1.5700.