The GBP/USD pair demonstrated a strong bullish movement which was expected considering the movement channel expressed this week within which the pair was consolidating.
The GBP/USD pair has resumed its bullish movement recording a higher high this week at 1.5912 after breaking through 1.5750 reaching the upper limit of the depicted channel without expected bearish retracement.
The pair has an important intraday Resistance level located around 1.5910 which was tested yesterday corresponding to the upper limit of the movement channel which acted as a resistance of the bullish movement in the short term.
The lower limit of the movement channel as well as the significant Support level are located around the price level of 1.5750 where price action should be watched for a possible valid low risk BUY entry with SL located below 1.5700.