FX.co ★ GBP/USD Intraday Technical Analysis

The spot rate is currently testing the intermediate resistance of its medium term bullish channel at 1.5930 suggesting a decline. However, a break of these levels will allow it to reach the upper limit of its channel at 1.6070.
Technical indicators provide sell-signals and until that the resistance remains unbroken, the assumption of a decline is most likely. Bollinger bands have greatly tightened in the recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events, the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance at 1.5930 with the 1st objective of 1.5990 and then at 1.6020. A break though 1.5910 will change the plan.