Last Friday, the GBP/USD pair tested the lower limit of the Yellow channel around 1.5280 expressing a massive bullish reaction which turned our short-term view for the pair into bullish.
As it was mentioned before, exceeding the Average Daily Range during the last three days of bearish movement indicates a possible bullish retracement which is expetced to take place today.
The GBP/USD pair has an Intraday Resistance Level located at 1.5480 which corresponds to the upper limit of the Yellow Channel & the Average Daily Range for today. In case this price level is broken, the way towards 1.5555 will be open.
The GBP/USD pair has an Intraday Support Zone located at 1.5380-15400 which corresponds to the upper limit of the broken Violet channel and the mid-line of the Yellow one. In case it is broken through, the way towards 1.5290 will open.
Based on the previous analysis
The market offers a valid BUY-entry around 1.5380-1.5400 with SL located below 1.5320.
TP levels are to be located at 1.5450, 1.5495 & 1.5555.
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