GBP/USD was traded in a wide range during the last month and has formed a Channel Up pattern on 4H chart. The formation has 60% quality along with 100% magnitude in a 80-bar period.
Cable tested its resistance level twice and bounced off from $1.6000 to its support level near $1.5849. The price tried to recover but did not succeed and has returned back to the support at $1.5865. The Stochastic indicator recoiled from its 20% level, which leads to a possible pair's recovery. If the price rebounds from $1.5865, the premier target for long traders could be $1.5951.
The RSI indicator has been decreasing from 70% zone to present 45% value, after the price had rebounded from the resistance level at $1.5849. The price is trying to break the support around $1.5875/90 for the second time. If the price moves deeper, the first target for short traders could be around $1.5818.