FX.co ★ GBP/USD Intraday Technical Analysis

The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5730 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators do not provide clears signals but approach an overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events, the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.5730 with the 1st objective at 1.5790 and then at 1.5820. A break through 1.5710 will invalidate this scenario.