Since a week GBPUSD moves in a narrow consolidation between support at 1.5410 and resistance at 1.5505. Currently the range of price movement is only 95 pips. Today noon we will see retail sales in the UK and in the afternoon the ECB’s decision on interest rates. After these data price will have an opportunity to breakout from the consolidation. If it will break below the level of 1.5410 the next supports, are at levels: 1.5370, 1.5330, 1.5170, 1.5100. In the case of break above the next resistances levels are: 1.5650, 1.5800.
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Wider view, time-frame W1
Since July 2014 GBPUSD moves in a downtrend. From April 2015 price hasn’t reached a new lows. On the chart above price has formed a flag, which is a continuation pattern. As long as there will be no break below flag lower limit, current rebound may even reach to a limit at 1.6300.
