Overview:

On March 2, bearish breakdown of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the zone of 1.4950-1.5000 indicated a further bearish decline.

Initial projection target for this bearish breakout was located at 1.4700. Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700. Since then, successive higher highs have been established on the H4 chart.

As anticipated, daily closure above 1.5060 (50% Fibonacci level) ended the ongoing bearish momentum, thus exposing the next resistance level at 1.5350 (upper limit of the ongoing H4 channel) for retesting.

Recently, the zone of 1.5000-1.5050 (lower limit of the H4 channel and 50% Fibonacci) constitutes an intraday support when further retesting occurs later on.

On the other hand, the price action should be watched around the current levels (1.5300-1.5350) for a low-risk sell entry.

Bearish targets would be located at 1.5200, 1.5110, and possibly 1.5050 if enough bearish momentum is expressed.