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Having reached the price level 1.6300, the GBP/USD pair has been trading in downside movement within the narrow-ranged bearish violet channel until Monday when we had a bullish breakout.
On Tuesday we mentioned that in order to remain bearish in the nearest future the GBP/USD pair was not to hold above 1.6160, which had been broken yesterday then followed by a failure to stabilize above the mentioned level.
A breakdown of the Resistance level 1.6160 opened the way to the point 1.6195 which pushed the GBP/USD pair to the downside again to close below 1.6140-1.6160 reaching the next support level at 1.6060.
Today We have quite significant bearish reaction towards Resistance Zone 1.6140-1.6160 manifested in the bearish engulfing 4H candlestick which is enhancing the bearish scenario for the pair.
Considering the hourly chart of the GBP/USD currency pair, we can see that the Linear Regression channels depicted above are bearish reflecting the bearish tendency of the market this week.
The Bearish Reaction towards the upper limits of the Violet & Blue channels at 1.6150 shouldn't be ignored as it favours the bearish view for the pair.
GBP/USD has a significant Intraday Support Level located around 1.6075 corresponding to the lower limit of the Yellow channel which needs to be broken in order to visit lower levels terminating the sideway movement that took place this week.
Based on the previous analysis
Price Level 1.6150 is considered as a valid SELL entry with a tight SL located above 1.6175.
TP levels should be located at 1.6100, 1.6080, 1.6040 and 1.6000.
It's important to mention that obvious closure above 1.6175 invalidates the bearish view for the GBP/USD pair and opens the way towards price level 1.6230 confirming a possible bullish Head and Shoulders pattern being formed on the hourly chart.
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