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 the U.S. last Friday.
On Wednesday, 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.
On Wednesday 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 that was reached.
Price Level 1.5180-1.5200 constitutes 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.
