Looks like the GBP/USD is breaking out of the channel

On the daily chart of the Pound versus the Dollar we can see that the pair has formed a descending channel, which we have been following lately. Today we see that the price breaks above the 1.5700 level and we are now waiting for confirmation of the breakout. Once we see two or three bullish candlesticks above the 1.5700 level, then we could wait for the pullback to this same level for a possible long entry. If there is no pullback and the price continues heading higher, then we should pay attention to the 1.5827 level from where we could see a bounce to the downside. Above the 1.5827 level the pair has an open road all the way to the 200 day exponential moving average around the 1.6251 level.