The Cable witnessed a rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5080 then support zone around 1.5000-1.5020.
The demand level around 1.5000 (also a psychological support) was broken, supported by the positive fundamental data from U.S. last Friday.
Currently, the pair is consolidating near support area extending down to 1.4830 (the low of March) which is expected to contain current decline and bring corrective movement towards 1.5100-1.5140 before any attempt of 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.
Price Level 1.5060 corresponds to previous broken buttom and uplimit of the depicted channel. That's why, watching price action there is recommended.
Fundamentally, U.S. dollar fell against major currencies including GBP trades on Wednesday, ahead of the announcement of the results of the Fed meeting for the month of June as well as the letter of Governor of the Federal Reserve, "Ben Bernanke".
