The GBP/USD pair has expressed wide range movement which was expected taking into account the wide Linear Regression Blue & Yellow channels expressed on Monday.
The upper limit of the short term Violet channel has been broken yesterday which enhanced the bullish view of the pair in the short term hitting its target at 1.5777.
The lower limit of the Violet channel as well as the midline of the Yellow channel are located around the price level of 1.5710 which is considered to be a valid low risk BUY entry with SL located below 1.5670, while TP levels are located around 1.5715, 1.5744 then 1.5785.
The pair has an important intraday Resistance level located around 1.5765 which is being tested now corresponding to the upper limit of the Yellow channel which is expected to demonstrate a further resistance of the bullish movement in short term.