The cable witnessed rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5080.
The demand level around 1.5000 (also a psychological support) was also broken, supported by the positive fundamental data from U.S. last Friday.
Currently, the pair stands at support area extending down to 1.4830 (low of March) which is expected to contain current decline and bring corrective movement towards 1.5100-1.5140 before any attempt another decline.
The price level 1.5060 corresponding to the lower limit of the depicted consolidation channel as well as 1.5000 were strongly broken down. However, the pair is currently facing strong support.
A bullish pause may be initiated this week. However, the bearish bias remains intact as long as 1.5000 remains defended by the bears. Hence, we need to see the cable stepping above 1.4950-1.5000 in order to achieve further corrective movement towards 1.5100-1.5140.
Fundamentally, the pound sterling rose against the U.S. dollar today, as investors are taking profit following the recent gains made by the dollar, but it is expected to remain limited gains amid expectations that the Federal Reserve soon limits facilitation measures.
