The weak bullish structure with integrated swings led to the price fall after the upper limit of the movement channel 1.5590-1.5600 had provided a considerable resistance for the pair.
The GBP/USD pair broke down important support level 50% Fibonacci which came to meet the pair at 1.5315 with the lower limit of the depicted bullish channel which opened the way for the pair towards Fibo 61.8% located at 1.5245 which was broken too.
On Monday, failure of the pair to have 4H closure again above 1.5250, cleared the way towards 1.5033 (Fibonacci 100%) which showed some bullish presence yesterday.
As long as the market bias remains bearish, the GBP/USD pair should not reach above 1.5200 which will probably provide a valid SELL entry on retesting (downtrend line and 61.8% Fibonacci) with SL located just above 1.5250.
