Looking at 1.5250 which was tested on Monday, the GBP/USD pair expressed quite significant bearish price action followed by the bearish engulfing candlestick that lead the pair towards 1.5150.
Breakdown of support level around 1.5150 allowed a quick movement towards the major support around 1.5070 that expressed quite strong bullish reaction.
Today few hours ago, the GBP/USD pair has failed to remain below 1.5240-1.5255 breaking through this resistance zone leading its way towards 1.5300-1.5330.
This obvious bullish price action towards 1.5070 renders this support level worthy watching on the next visit for a possible BUY entry with tight SL below 1.5020.
Price Zone 1.5300-1.5330 should be watched for price action as bearish rejection on the shorter timeframes will allow a retracement movement to take place targeting 1.5250 initially especially after the long rally initiated yesterday at 1.5070.
