On the 4H chart, the backside of the broken channel around rejected the pair twice at testing of price levels 1.5680 and 1.5750 respectively.
Bearish rejection and strong bearish pressure applied around 1.5700-1.5730 led to this quick obvious breakdown of 1.5600-1.5580 that took place last week.
The GBP/USD pair paused at support level 1.5380 (previous support on the daily chart and 61.8% Fibonacci on the 4H chart) then reached up to 1.5480, then on Wednesday we had bearish daily closure that opened the way down to 1.5220 and possibly 1.5130.
Around 1.5130-1.5100 area, price action should be watched for good BUY entries with SL just below 1.5100, this price zone corresponds to a previous congestion zone depicted on the 4H chart.
The price level 1.5400 stands as the next resistance which comes to meet the pair. The breakthrough above it opens the way for further bullish movement towards 1.5540 initially.
Consolidation with daily closure below 1.5130 invalidates the bullish scenario of the pair for the current time. Instead, this opens the way towards previous low at 1.5000 established at May 29.
