FX.co ★ GBP/USD intraday technical and fundamental review for May 15, 2013

Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week especially on Friday.

The cable came again inside previous consolidation range between 1.5200-1.5360, breaking the lower limit of the ascending channel as well.

As expected yesterday, the pair had its way opened towards 1.5200, the lower limit of consolidation range which is being tested today.

Resistance levels: 1.5370, 1.5580, 1.5650, and 1.5850.

Support levels: 1.5200, 1.5085,1.5030, and 1.4975.

Breakdown of the recent low at 1.5310 resumed the ongoing bearish momentum reaching the lower limit of the current consolidation range at 1.5200.

During the European session, the pair expressed some bullish rejection at 1.5200 following the release of positive British employment data. However, it has faded away now as we get into the US session while investors are waiting for US economic report later today.

The next visit to the broken confluence zone at 1.5350-1.5370 stands as strong Intraday resistance for the pair will probably provide a good SELL entry with SL just above 1.5400.