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Considering the Hourly Chart of GBP/USD currency pair and the associated Linear Regression Channels:
GBP/USD has all of the Violet, Blue and Yellow channels directed downside and indicating significant bearish pressure during this week.
Yesterday, GBP/USD was not able to break through the resistance zone 1.6230-1.6245. Instead, it declined towards 1.6150 thus making a lower bottom than the previous one at 1.6185.
The GBP/USD pair has an intraday resistance zone ranging between 1.6205-1.6220, which corresponds to the upper limit of the Yellow and Blue channels respectively.
Although the GBP/USD pair has been downtrending for a few days, the view for the pair is neutral as I didn't witness frank bearish domination yesterday.
The GBP/USD pair has an intraday support level at 1.6150, which corresponds to the lower limit of the Yellow and Blue channels.
Success of GBP/USD breakthrough above 1.6220 will allow the pair to shoot at higher levels probably at 1.6262 initially.
Success of GBP/USD breaking through 1.6150 will allow the pair to visit lower levels, probably 1.6111 initially then 1.6080.
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