FX.co ★ GBP/USD Intraday Technical analysis

The spot rates approach the upper limit of its medium-term bearish channel to 1.6450 suggesting a decline in the short term. However a break of these levels would free up significant potential and initiate a new trend.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6450 with a 1st objective of 1.6560, then 1.6600. A break in 1.6420 would invalidate this scenario.