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.
Breakdown of important support level 50% Fibonacci (1.5220) then Fibo 61.8% (1.5130) opened the way for the pair towards 1.5015 (Fibonacci 78%) which expressed bullish rejection so far.
As long as the market bias remains bearish, the GBP/USD pair should not reach above 1.5130-1.5150 which is being tested today. This zone corresponds to Fibo 61% and a downtrend line that was established on May 13.
Failure of the pair to step again above 1.5130 (61.8% Fibo) will probably lead to another bearish swing towards 1.5020 initially without further testing of 1.5200. However, breakthrough above it which is not excluded, will proabably open the way directly towards 1.5220.
