The GBP/USD pair is still trading within the same consolidation range 1.5480-1.5590.
Last week, there was a supply zone located around 1.5550-1.5600 corresponding to the upper limit of the depicted bullish channel. However, no significant bearish rejection has been expressed till now.
Although the bullish steam seems to weaken after trading above Fibonacci 50 level, the cable has its way opened towards 1.5650 (61.8% Fibonacci Level).
Resistance levels: 1.5650 and 1.5850.
Support levels: 1.5380, 1.5230, and 1.5030.
Price Zone 1.5480-1.5500 (50% Fibonacci) is a key zone to be watched as it provided considerable demand for the cable on Friday.
Stabilization of the supply zone at the upper limit of the channel at 1.5590 allows a double top reversal pattern to be anticipated and confirmed with 4H closure below 1.5480, the bearish momentum will be targeting at 1.5430, 1.5365 then at 1.5200.
The cable has dependable demand level around 1.5365 which will probably provide a valid BUY entry on the next bearish retracement.
Yesterday it was a bank holiday in the UK, today there is no significant data except RICS. Therefore, the movement is expected to be somehow weak.
