Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week, especially on Friday.
The cable came again inside previous consolidation range between 1.5200-1.5360, breaking the lower limit of the ascending channel as well having its way opened towards 1.5200, the lower limit of consolidation range which is being tested this week.
Yesterday, the cable failed to make daily closure below 1.5200. Instead, yesterday's movement peaked at 1.5320 and now the outlook looks already negative.
Resistance levels: 1.5370, 1.5580, 1.5650, and 1.5850.
Support levels: 1.5200, 1.5085,1.5030, and 1.4975.
Breakdown of the recent low at 1.5310 resumed the ongoing bearish momentum reaching the lower limit of the current consolidation range at 1.5200 where an Intraday demand zone was established.
Yesterday, the cable topped 1.5320, where bears applied further bearish pressure to return back to 1.5240-1.5190. A breakdown of 1.5190 opens the route to 1.5026 support area.
The next visit to the broken confluence zone at 1.5350-1.5370 stands as strong Intraday resistance, for the pair will probably provide a good SELL entry with SL just above 1.5400.
Fundamentally, there is no siginifcant data releases from the UK to be anticipated today. However, Initial readings of the University of Michigan consumer confidence may affect USD.
