The GBP/USD Linear Regression Channel Hourly Chart reveals:
GBP/USD has been uptrending within the depicted Linear Regression channels system with almost identical Blue & Yellow bullish channels while the Violet channel is more steeply bullish due to Yesterday's strong bullish movement.
Today a few hours ago GBP/USD showed obvious weakness as the bullish movement was followed by significant bearish reaction manifested in the bearish engulfing 1H candlestick indicating a possible bearish move to come soon.
1.6044 is now considered as a solid intraday resistance level corresponding to the backside of the broken lower limit of the violet channel, the intermediate line of the Yellow channel and the origin of the bearish engulfing 1H candlesticks.
Based on the previous data, the price level 1.6044 gives a valid SELL entry with SL to be located above 1.6105.
TP levels are to be located at 1.5990, 1.5930 and then at 1.5895.
The material has been provided by Instaforex Company - instaforex.com
