Having reached the price level 1.6300 ,the GBP/USD pair has been trading in downside movement within the narrow-ranged bearish violet channel.
In order to remain bearish in the neraest future the GBP/USD pair should not hold above 1.6160.
A breakdown of the resistance level 1.6160 will probably open the way to the point 1.6195 (then 1.6240) before the further resumption of the downside movement.
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All of the three Linear Regression Channels for the GBP/USD pair are bearish today indicating bearish tendency of the market.
Having failed to break through the resistance level 1.6230-1.6245, the pair declined towards 1.6150; thus, a lower bottom was compared with the previous one at 1.6185.
After successful breakdown of 1.6150, the pair declined towards 1.6113 which corresponds to the lower limit of the Yellow channel.
It's important to note that the GBP/USD pair has an important resistance level 1.6150 which corresponds to the upper limit of the Violet channel & the intermediate line of both Blue & Yellow channels and another significant resistance level at 1.6175 which corresponds to the upper limit of the Yellow & Blue channels.
Price levels 1.6150 & 1.6175 are considered valid SELL entries with TP levels located at 1.6111, 1.6075 and 1.6025.
SL should be located above 1.6200
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The material has been provided by Instaforex Company - instaforex.com
