FX.co ★ GBP/USD Intraday Technical Analysis

The spot rate is currently testing the intermediate support of its medium term bullish channel at 1.5690 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1.5610.

Technical indicators provide sell-signals but untill the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in 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 at the level of 1.5690 with the 1st objective at 1.5750 and then at 1.5770. A break through 1.5670 will alter this scenario.