GBP/USD Survey according to the Linear Regression Channels over the past two weeks:

-Yesterday, GBP/USD pair failed to reach its resistance level corresponding to this month high 1.5927 recording a daily high at 1.5903.

-GBP/USD respected the upper limit of both channels depicted on the chart which showed bearish presence pushing the pair down to 1.5813.

-The nearest support levels are located below the current prices around 1.5750 and 1.5650 levels.

- The nearest resistance level is at 1.5860 which is the upper limit of the bearish violet channel.

It is necessary to mention that last week the GBP/USD pair moved within a strong bullish trend and reached these levels despite the strong decline. Therefore, the reverse movement is likely to take place regardless of whether it is short-term or not.

The pair is expected to continue downside movement towards 1.5750 which should be watched for Price Action.

Yesterday, the GBP/USD pair moved within a narrow bearish channel marked on the chart.

The pair is showing bullish presence at testing of the lower limit of the Yellow channel.

Break of the narrow violet bearish channel 1.5840 will allow the pair to reach 1.5860 (the intermediate line of the blue channel ) which is expected to bring bearish presence again to the market.

The pair should break the lower limit of the yellow channel at 1.5805 in order to resume its downside movement towards 1.5750 and 1.5650.