FX.co ★ GBP/USD Intraday technical analysis

The spot rate came to test the lower limit of the medium term bearish channel at 1.5850 and broke through its short term resistance on the downtrend channel at 1.5920. A breakout of this zone will allow pair to reach the upper limit of this channel at 1.6010.
According to previous events, the market indicates a bullish opportunity as the spot rate has broken its resistance level at 1.5920 with a 1st objective of 1.6010, then 1.6040. A breakthrough of 1.5890 will invalidate this scenario.