After break of the long-term bearish channel marked in blue, the pair is trending up inside the narrow bullish channel marked in brown.
Yesterday we expected formation of a Head & Shoulders reversal pattern which became confirmed on closure below 1.5650 and the lower limit of the channel which didn't happen, so we are out of the market.
On the other side, the pair managed to make a higher high today closing above 1.5740 which opened the way for the pair to test 1.5775, which is the nearest resistance level for the pair.
This resistance 1.5775 is a key-level for GBP/USD movement today and this week as its break will extend the bullish journey towards 1.5870.
Bearish Price action towards it, brings the pair back to retest the lower limit of the channel at 1.5730 which would be liable to be broken this time.
SL for any mentioned scenario should be break of the high/low we are couning on.
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