FX.co ★ GBP/USD Intraday Technical Analysis

The spot rate has broken the intermediate support of its medium term bearish channel at 1.5550 leading to acceleration. A pull back to these levels is expected before reaching the lower limit of its channel to 1.5370.
Technical indicators are providing buy signals and approaching the oversell zone supporting the assumption of a pull back. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to the previous events, the market will provide a bearish opportunity at the level of 1.5550 with the 1st objective at 1.5490 and then at 1.5470. A break through 1.5570 will alter this scenario.