Looking at 1.5060 which was tested on Thursday, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5230 which represents the upper limit of the depicted movement range.
Yesterday, the GBP/USD pair challenged Friday's high at 1.5362 failing to consolidate above. Instead, it is showing some bearish rejection which should be taken into consideration.
Failing to breakthrough Friday's high lead the pair towards the most recent support level around 1.5230 (the upper limit of the broken range).
Price Zone around 1.5230 should be watched for price action on the 4H chart in order to catch a BUY entry. However, breakthrough above 1.5360 will cancel the impending scenario towards 1.5230 leading towards 1.5430 (the projection target of the range breakout).
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