GBP/USD Hourly chart on the basis of the Linear Regression Channels of three different time periods:
The GBP/USD pair has been consolidating almost sideways trapped between price levels of 1.5850 - 1.5930 within the depicted Yellow &Blue channels.
Yesterday, the GBP/USD pair expressed strong bullish rejection towards the lower limit of the Yellow & Blue channels around 1.5835 which pushed the pair towards 1.5930 corresponding to the upper limits of the same channels where bearish domination was expressed failing to record a higher swing.
Although, the Yellow & Blue channels are identical being almost transverse or slightly bullish, the Violet channel which represents yesterday's movement is obviously bullish with an obvious Intraday resistance level located at 1.5930 which represents a valid SELL entry with SL located above 1.5965.
Breakdown of the mid-line of the Yellow channel & the lower limit of the Violet one around 1.5895, opens the way directly towards the lower limit of the channels around 1.5860.