The weak bullish structure with integrated swings led to the price fell 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 (1.5220) which opened the way for the pair towards Fibo 61.8% (1.5130) which was broken too.
Failure of the pair to have 4H closure above 1.5250 cleared the way towards 1.5015 (Fibonacci 78%) which expressed some bullish rejection so far.
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 50% Fibonacci) with SL located just above 1.5250.
Failure of the pair to step again above 1.5130 (61.8% Fibo) will probably lead to another bearish swing without further testing of 1.5200. However, I can see signs of bullish pressure manifested in the ascending buttom depicted on the chart. This will probably lead to further upswing towards 1.5190. Otherwise, the immediate bearish scenario is mentioned above.
