FX.co ★ GBP/USD Intraday Technical analysis

The spot rate is currently testing the upper limit of its medium term bearish channel in 1.6420 and seems to start a decline. However a break of these levels would initiate a bullish trend more violent.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6420 with a 1st objective of 1.6540, then 1.6580. A break in 1.6390 would invalidate this scenario.