The GBP/USD pair has broken down a long-term uptrend line that came to meet the pair around 1.6000 confirming a giant Double Top pattern to be targeting 1.5330 as long as the pair is consolidating below the neckline around 1.5830 - 1.5890.
It was mentioned last week that the price zone of 1.5550-1.5490 should be watched for price action as the cable may find quite strong support there.
Few hours ago, the pair dipped down to 1.5437 which corresponds roughly to previous July 25's low (1.5450) which is worth watching.
The daily candlestick is showing significant bullish rejection. That is why a daily closure like this will indicate signal of reversal of the ongoing descending movement.
The first resistance zone to be mentioned is located at 1.5550 and 1.5570.
