GBP/USD: The market looks poised for a fresh drop following the latest bout of consolidation, with a lower top now confirmed by 1.5600, following the break back below 1.5370. Below 1.5370 now exposes a more meaningful drop to test next key medium-term support by the 100-Day SMA in the 1.5100 area. Ultimately, only back above 1.5700 would negate bearish bias and give reason for pause.

The anticipated test of channel line 2 for implementation of the pre-planned sales has not accurately been confirmed, however, further break of key supports with essential rise of bearish activity, as marked by OsMA trend indicator, suggests preference of choosing sales in planning trading operations for today. Hence, we can assume probability of rate return to close border of Ichimoku cloud at 1,5400/20 levels, where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of a shorter time interval. As for short-term sales, on condition of the formation of topping signals the targets will be 1,5340/60, 1,5280/1,5300 and (or) further break-out variant up to 1,5220/40, 1,5160/80, 1,5100/20. The alternative for buyers will be above 1,5500 with the targets of 1,5540/60, 1,5600/20.

GBPUSD failed to break above the trend line resistance and dropped from 1.5488. Now the fall from 1.5488 could possibly be resumption of downtrend from 1.5997, another fall towards 1.5200 would more likely be seen, and a breakdown below 1.5326 will signal resumption of downtrend. Resistance remains at the falling trend line (now at 1.5495), only a clear break above the trend line resistance will suggest that the downward movement from 1.5997 is complete.

Current level - 1.5421

The pair is in an uptrend after bottoming at 1.4226. Trading is situated above the 50- and 200-day SMA, currently projected at 1.4986 and 1.5539.

We still favor the idea, that the resistance area around 1.5490 will cap the upside and will provoke a sell-off for a break through 1.5330, en route to 1.5118. Important on the downside is 1.5350.