Yesterday lower limit of upward channel was tested and it was another test since September 2015. If there will be a successful breakout from the channel next support levels are at 1.5100, 1.4980. Alternatively when current rebound proves to be stronger the next resistances are located at levels: 1.5500, 1.5660, 1.5820.
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At weekly time-frame the current upward movement took the form of a flag. It is a trend continuation pattern. On the GBPUSD between mid-2014 and April 2015 price continued the downward dynamic movement, which should be continued. This is confirmed by the fact that the rebound which high occurred in June 2015 at the level of 1.5900 is the 50% fibo of the earlier downward movement. So this upward movement should be seen as a correction in a downward trend. After breaking upward channel lower limit at 1.5220 first target will be 1.4565, and the next one 1.4330.
