GBP/USD rebounded from support level at 1.5602 and formed a downside channel on 1H chart. The pattern started on March 7 and now it has 52% quality and 71% magnitude within 112 bars.
Pound stayed bullish after it rebounded from channel support at 1.5602. Currently price is in the middle of the channel and continues to grow up according to RSI indicator growth. Current target for bulls is around 1.5770 where the channel resistance level stands. If pair breaks the resistance, the next target will be near 1.5832.
Stochastic indicator stays neutral and does not give any definite signals. Bears now are waiting for price recovery from the resistance level around 1.5770. If price slows near resistance, it can be there is a high possibility of a rebound. Any confirmation from Stochastic and RSI indicators will strengthen the signal.