Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 61.8% Fibonacci level around 1.5180.
Last week, on Friday, bearish price action was expressed around 61.8% Fibonacci level depicted in the daily chart around 1.5180 which was followed by the marked price fall that hardly reached 1.5020 (78% Fibonacci).
Now there are two established bottoms around 1.4825 and 1.5050, Moreover, the GBP/USD pair expressed daily closure above 1.5130-1.5180 during the past two consolidation days.
Price zone 1.5025-1.5050 (78% Fibonacci and upper limit of the descending channel) was not tested this week. However, the pair is now trying to fixate above its consolidation range 1.5050-1.5180 which is bullish signal towards projection target around 1.5330. However, we need to watch 1.5280 carefully as it corresponds to 50% Fibonacci.
Failure to consolidate above 1.5280 will probably bring bearish pressure again into the market for retesting of 1.5180 at least.
