The pair is probably expressing 123 bullish reversal pattern that became confirmed with daily closure above 1.5625 that took place on Wednesday.
The cable has been challenging the significant uptrend peak at 1.5682 recorded last week topping at 1.5737, while the next important resistance is projected at 1.5750 corresponding to 61.8% of Fibonacci.
Current bearish slide after 1.5737 peak should be considered corrective unless 1.5580 (Fibo 50%) gets broken-down.
Intraday support is projected at 1.5380 (SMA 100). Price level 1.5580 (50% Fibonacci) was broken through on Tuesday.
Breakout of the bearish channel above 1.5150 confirmed the double bottom which initiated the ongoing bullish trend.
Due to acute bullish movement expressed last week, the cable did not establish any significant support levels. However, the nearest one is located at 1.5375 (depicted 50% Fibonacci Level).
The recent low at 1.5485 is still holding price above providing demand for the pair which pushed again above 1.5700 for further testing. However, fixation above 1.5680 enables the pair to reach 1.5750 directly which will probably provide a strong bearish pressure on the pair.
Price action should be watched around 1.5375 for a valid BUY entry with SL just below 1.5260.
The data issued today by the National Bureau of Statistics stated that Construction Output volumes fell in the UK less than expected during the month of April.
