The Cable witnessed a rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5150 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.
Yesterday, while the pair was consolidating near support area extending down to 1.4830 (the low of March), strong bullish price action was expressed as expected to push the pair towards 1.5100-1.5140 before any attempt of another decline.
Yesterday we mentioned that 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 1.5180-1.5200 constitute a strong supply zone which may provide a valid SELL entry with SL located just above 1.5250.
Fundamentally, the U.S. dollar fell against major currencies including GBP trades on Wednesday and Thursday, affected by 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".
Official data released today issued rise in the number of applicants for unemployment benefits unexpectedly during the previous week, which reinforces concerns about the U.S. labor market.
