GBP/USD M pattern forming with fresh bearish momentum
GBP/USD has entered a new bearish momentum and we can see that M 1 2 3 reversal pattern is forming on H1 time frame. Until break of 1.5025 confirms the M GBP/USD may be trapped between 1.5035 and 1.5095. Fresh sellers can be expected at 1.5080-1.5100 zone while the jump above 1.5110 could accelerate the pair towards 1.5150.
Pound has been resilient against recent USD strength compared to other pairs but today manufacturing and industrial production data can weight on the pair. In the case of 1.5025 break 1.4995 and 1.4950 are targets.