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The depicted chart illustrates the current situation of the GBP/USD currency pair on the 4H timeframe.
The GBP/USD currency pair is currently testing the lower limit of the almost identical bearish channels around 1.6050 which may constitute a suitable price level for bulls to initiate a bullish swing.
Price Zone 1.6040-1.6060 constitutes a strong support zone for the pair which should hold price above. Otherwise, a quick decline towards 1.5960 will probably take place.
Price Level 1.6140 is considered a strong resistance level for the GBP/USD pair for those who look for bearish opportunities.
The Hourly chart gives a similar view for the GBP/USD.
The GBP/USD has been downtrending within the depicted bearish channels for almost two days. However, today we witnessed a bullish breakout above the upper limit of the violet channel with quite strong bullish price action.
The GBP/USD has an Intraday support level at 1.6040 which corresponds to the lower limit of the bearish Yellow channel and an Intraday resistance level at 1.6095-1.6110 corresponding to the upper limits of its movement channels.
Retesting of the backside of the broken violet channel at 1.6045-1.6055 will be an appropriate BUY entry with TP levels at 1.6080. 1.6100 & 1.6130.
SL should be 4H closure below 1.6030.
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