The GBP/USD Linear Regression Channels are all almost bearish with variable bearish tendency due to Last Week's bearish reaction towards Resistance Levels 1.5775 and 1.5730.
Last Friday, the market expressed quite weak bearish movement which ended by visiting 1.5556. However, the pair expressed bearish reaction today pushing the pair down to 1.5537.
Price Level 1.5535 constitutes a strong Intraday Support Level as it corresponds to the lower limit of the Violet channel and the mid-line of the Yellow channel where the price action should be watched for a possible bullish opportunity.
Price Level 1.5585 corresponds to the upper limit of the Yellow channel constituting an Intraday Resistance level to be watched today for a possible BUY entry after having bullish breakout above it.
Breakdown of support level 1.5535 opens the way for a quick bearish decline towards 1.5500 then 1.5465 which is located at the lower limit of the Yellow channel.
The material has been provided by Instaforex Company - instaforex.com

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