Looking at 1.5250 which was tested on Monday, the GBP/USD pair expressed quite significant bearish price action which is manifested in the 4H shooting star candlestick followed by the bearish engulfing candlestick.
Breakdown of support level around 1.5150 allowed a quick movement towards the major support around 1.5070 as we mentioned in the yesterday's article.
Today few hours ago, the GBP/USD pair has failed to remain below 1.5070 expressing quite significant bullish rejection which is manifested in the bullish engulfing 4H candlestick.
This obvious bullish price action towards 1.5070 renders this support level worthy watching on the next visit for a possible BUY entry with tight SL below 1.5020.
The next bullish target for the GBP/USD pair is probably the backside of the broken bullish channel around 1.5200.