The 4H chart reveals significant resistance level located around 1.5635 corresponding to the lower limit of a previous congestion zone which hasn't been tested yet.
The GBP/USD demonstrated significant bearish reaction manifested in the bearish engulfing 4H candlesticks which predicted a possible breakdown of the Violet channel that took place today in order to resume the downtrend initiated long time ago.
Termination of the current bullish move initiated last week becomes confirmed on breakdown of Support Level 1.5450.
The 1H chart depicts a strong bullish reaction towards Price Level 1.5460 which corresponds to the lower limit of the Blue and Yellow channels. However, the pair expressed significant bearish reaction Yesterday at testing of price level 1.5600.
Breakdown the mid-line of the Yellow channel at 1.5555 opened the way towards the lower limit of the same channel around price zone 1.5470-1.5480 which is being tested now.
The lower limit of the Yellow channel at 1.5470-1.5480 constitutes a Strong Support Zone and a possible quick Intraday BUY entry with TP at 1.5550.
The GBP/USD has a strong Intraday Resistance Level at 1.5555 corresponding to the mid-line of the Yellow channel which constitutes a valid Intraday SELL entry with SL located above 1.5600.
TP levels are to be located at 1.5510, 1.5470 and 1.5410.
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