Cable is trotting along the descending channel with early of the week it was rejected by the resistance level at 1.562. It went over the lower channel line after a decisive break of 1.55 level and then bounced off support at 1.538.
The bounce from the resistance was capped by the upper channel line and 100 EMA and ended the week consolidating around 1.55 level.
On intraday basis, GBP/USD look to be pointing downward toward price correction from the uptrend that begin on Tuesday.
A break below 1.55 will meet support at 1.5277. On the up move, resistance is expected first at 1.5617 with the next resistance at 1.5711.
