The GBP/USD pair reacted strongly towards 1.6300 - 1.6350 zone confirming the bearish retracement scenario expected in the previous weeks.
GBP/USD expressed daily closure below the lower limit of the depicted bullish channel which extended the bearish movement towards 1.5970 which has been providing considerable support for the pair.
The lower limit of the depicted 4H channel provided considerable support pushing the GBP/USD pair to the upper limit of the bearish 4H channel around 1.6125 which has been broken during yesterday's consolidations.
The lower limit of the broken DAILY channel was retested around price zone 1.6160 - 1.6180 this week which triggered a suggested SELL entry with SL located above 1.6215 which is running in profits today.
As it was mentioned yesterday, the GBP/USD pair needed to come back inside the depicted 4H channel (below 1.6095) in order to resume the expected bearish scenario on the DAILY chart (which took place today).
Price Action towards 50% Fibonacci around 1.5920 should be watched as it is considered to be a strong Intraday Support Level.
Support: 1.6020, 1.5970, and 1.5920.
Resistance: 1.6125, 1.6070, 1.6175, and 1.6260.