This week, the cable consolidated after hiting a low of 1.5165 last week.
This consolidation extended up to 1.5250 which seemed to be minor weak retracement then the bears pressed for new lows, they have hit 1.5128 Yesterday.
The prominent support located around 1.5130-1.5150 ( depicted uptrend line and previous double buttom pattern ) expressed quite strong bullish price action Yesterday that pushed the pair towards 1.3000 before this massive bearish pressure was applied for its breakdown.
The next support level is located around 1.5030 ( around low of May ) where price action should be watched.
For bearish dominance to remain controlling, price should hold below 1.5250. Otherwise, the bearish direction will be neutralized.
Bullish correction had a limited target to about 1.5290 ( 50% Fibonacci ) where bears were present to defend the zone.
Now the cable is trading below 1.5125 ( most recent low ) which allowed the pair to reach 1.5060 ( lower limit of the current consolidation channel ).
A bullish pause may be initiated today. However, the bearish bias remains intact as long as 1.5125 remains defended by the bears.
Fundamentally, Bank of England kept interest rates unchanged for the 52 month in a row during the month of June, also announced that it would not modify its asset purchase program according to the statement issued today.
