The GBP/USD pair failed to remain below 1.5155 leading its way towards the upper limit of the current consolidation range around 1.5250.
Looking at 1.5250 which was visited on Monday, the GBP/USD pair expressed quite significant bearish price action which is manifested in the 4H shooting star candlestick followed by the bearish engulfing candlestick.
The GBP/USD pair broke down a support level around 1.5150-1.5130 which corresponded to the lower limit of the depicted bullish channel and a previous consolidation range (1.5130-1.5070) depicted on the chart.
Breakdown of the current support level allowed a quick movement towards the major support around 1.5070 where price action should be watched carefully for a possible BUY entry.
