GBP/USD: upside’s limited

GBP/USD is trying to continue its rebound: the bulls are pushing at the resistance of $1.5130 (61.8% retracement of the advance from March to May).

The pair needs to get above $1.5150 to be able to recover to $1.5200. There will be also some resistance at $1.5175/80. Levels around $1.5200 represent a natural place to look for a chance to go short (shooting star candle on H1, etc).

Still $1.5130 probably won’t let the bulls higher. If US durable goods show improvement, USD will able to strengthen making the pair dive back below $1.5100.

Support lies at $1.5100, $1.5070 and $1.5015. Below $1.5000 sterling will extremely vulnerable for a decline to $1.4830 (March low).

Chart. H4 GBP/USD

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