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Evident bullish recovery emerged from the area around 1.4550 where a significant bullish engulfing weekly candlestick was expressed.
Shortly after, persistence above the levels of 1.5000-1.5080 exposed the weekly supply zone of 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level) where a significant bearish pressure was previously applied on February 22.
The market has been already pushed above the weekly supply at 1.5530 (50% Fibo level) and slightly above 1.5720 (FE 100%), until the evident bearish pressure was applied around 1.5800 resulting in two recent bearish engulfing weekly candlesticks.
Note that persistence below the weekly supply at 1.5530 (corresponding to 50% Fibo level) hindered the bullish swing. It's a prominent key-zone for GBP/USD bears.
It should act as an intraday supply zone to enhance bearish decline towards 1.5100 as long as no weekly closure takes place above the price level of 1.5550.
Sideways movement with a slight bearish tendency had been expressed on the daily chart until a bullish breakout took place above 1.4970-1.5000 (through a long-term bullish reversal pattern).
The zone between 1.5000 and 1.5100 failed to keep prices below. Moreover, the GBP/USD pair formed a prominent demand zone while trending within the depicted bullish channel.
A daily closure above the weekly supply zone of 1.5500-1.5530 exposed the next supply level located at 1.5720 (100% Fibonacci Expansion of the recent bullish swing) where evident bearish pressure was applied.
A bearish breakout off the depicted bullish channel took place as a result of the bearish pressure which originated around 1.5660 (a bearish engulfing candlestick and a lower high).
After a breakout of 1.5500-1.5550 (lower limit of the broken channel), the market failed to gather enough bearish momentum towards the intraday demand level at 1.5100.
A bullish pullback towards 1.5550 (intraday supply) is currently taking place. It is likely to offer a valid sell entry for those who missed the initial breakout.
S/L should be set as daily closure above 1.5560.
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