FX.co ★ GBP/USD Intraday Technical Analysis

The price is testing the upper limit of its medium term bullish channel - 1.6000 and seems to initiate a decline. However a break of these levels will release some potential and initiate a bullish trend more violent.
Technical indicators give sell-signals suggesting a decline in the short term. 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 indicate a bullish opportunity as soon as the spot rate has broken through its resistance at 1.6000 with the 1st objective of 1.6060, then 1.6080. A break through 1.5980 will alter the plan.