GBP/USD: is the growth over?
Last week’s pound’s rally was capped at $1.5685 because of the Friday’s better-than-expected employment figures. On Monday GBP/USD opened with a bearish gap at $1.5500 and recovered to $1.5560 in the Asian trade, but holds below the Friday's close. On the H4 chart cable is supported by the May-June ascending trend line (currently around $1.5490).
Commerzbank: Following the return back towards the 200-day MA, GBP/USD has reached the end of the corrective move. A break below the $1.5425/1.5390 is needed to alleviate topside pressure and signal a slide back to $1.5270 en route to $1.5155 and base of the channel at $1.5035.
Resistance: $1.5550 (200-day EMA), $1.5600, $1.5685 (monthly Kumo)
Support: $1.5500/5490, $1.5450, $1.5425 (38.2% Fibo)
Chart. H4 GBP/USD