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. It pushed the pair down to 1.5015.
The bullish recovery pattern above 1.5020 is still valid, this favors one more upswing, for testing of 1.5190-1.5200 supply zone. Moreover, this bullish recovery represents a possible double bottom pattern.
A push above 1.5155 confirms this reversal pattern opening the way towards 1.5270.
Resistance levels: 1.5200, 1.5370, 1.5580, 1.5650, and 1.5850.
Support levels: 1.5030,1.5030, and 1.4975.
Here we can see the double bottom more obviously than on the daily chart.
The neckline at 1.5155 corresponds to the upper limit of the depicted channel. Hence a breakthrough above this level will bring bullish strength to the market.
Projection target will be located around 1.5270 roughly. However, close watching should be done at 1.5200 as it represents a significant resistance for the cable.
Fundamentally, the market is waiting for Thursday's US preliminary GDP report for 1st quarter, the key to whether the double bottom scenario will continue, especially if it is different from the expected reading 2.5%.
