The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited. However, price level 1.6075 expressed quite significant bearish price action rendering it a dependable resistance zone.
On the 4H chart the GBP/USD pair was trapped within narrow range between 50% and 61.8% Fibonacci levels, fixation above 1.6040 (61.8% of Fibonacci) enables the GBP/USD pair to reach its First resistance at Friday's peak at 1.6062. Break above it should extend the bullish movement further towards 1.6085 then 1.6180.
On the 4H chart, there's a possible bearish Head and Shoulders reversal pattern which becomes confirmed by breakdown below 1.6000.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
It is important to notice that there are no major economic events for UK today.
Technical resistance levels: 1.6082 1.6185, and 1.6320.
Technical support levels: 1.6040, 1.5996 1.5873, and 1.5740.