GBP/USD Yellow Linear Regression Channels are wide-ranged representing the strong movement of the pair seen this week.
Yesterday GBP/USD expressed significant bullish reaction towards the lower limit of the Yellow channel around 1.5480 which pushed the pair to the upside towards the upper limit of the Yellow channel.
The mid-line of the Yellow channel at 1.5545 which corresponds to the backside of the broken bearish Violet channel constitutes a strong Intraday Support for the GBP/USD pair where price action should be watched for a low-risk BUY entry with SL located below 1.5480.
It's important to mention that GBP/USD has exceeded its bullish Average Daily Range for today and the current zone 1.5680-1.5710 is considered as a strong Intraday Resistance Zone which indicates a possible bearish movement.
Failure of GBP/USD to breakthrough price zone 1.5680-1.5710 which is expected brings the pair back down to 1.5545.

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Performed by Analytical expert: Mohamed Samy
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