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Blue channel is based on the price movement of yesterday.
Violet channel is based on the previous two-day consolidations.
Yellow channel is based on the previous three-day consolidations.
The recent bullish movement of the GBP/USD which was initiated around 1.2700 has ceased to be dominant since Yesterday.
Lack of enough bullish momentum is demonstrated on the chart, so that the recent movement has turned into sideway consolidations.
The pair is currently moving within the depicted narrow sideway channel (BLUE channel) waiting for a bullish breakout above 1.2880-1.2900.
Bullish breakout above 1.2900 enables quick bullish movement towards 1.3000 where the upper limit of the movement channels are located (Intraday Resistance).
Looking to the downside, the GBP/USD pair has intraday support located around 1.2855 which corresponds to the middle range of the Yellowish channel. Any bearish pullback can be considered for valid BUY positions.
On the other hand, any bearish decline below 1.2850 (Mid-Range Support) enables further bearish decline towards 1.2700 where the lower limits of the depicted Violet and Yellow channels are located.
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