On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Price level 1.5720, which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair on the short term as expected. However, temporary breakthrough above it opened the way towards the stronger resistance zone 1.5773-1.5840 which expressed its bearish pressure quickly.
Last week, the GBP/USD pair has found significant support at the lower limit of the triangle pattern around 1.5490 showing obvious bullish price action which is manifested in the bullish engulfing daily candlestick.
Price level 1.5770 is still considered as a strong resistance for the GBP/USD pair. However, traders should be careful because of the remarkable bullish price action expressed on Friday towards level 1.5490 which may extend the bullish journey towards higher levels starting with price level 1.5840.

Last week, the GBP/USD pair failed to fixate above 1.5720 after stepping above this considerable price level.
Price zone between 1.5670-1.5725 has been rejecting the GBP/USD pair obviously as depicted on the chart above, which makes it worth for price action watching while being tested again.
The upper limit of the bearish channel depicted on the chart is also located around price level of 1.5670. That's why bearish retracement is expected towards 1.5540. However, a break above 1.5670 opens the way for further bullish movements towards 1.5773 and then probably 1.5840.

Price level of 1.5540 constitutes an important support level where price action should be watched carefully.