GBPUSD movement is in the shadow of impending UK elections.
Fundamentally speaking if there is a stalemate or hung parliament, GBP/USD should drop by a big amount and if coalition is formed we might see a rebound. At the time of writing the price is at 1.5210 but technically we could see a drop now towards 1.5160. GBP/USD has formed a rooftop pattern on H4 and there is a rejection from the trend line. There is also a confluence of now moment sellers, H3, DPP awith the trend line. If 1.5160 breaks then 1.5105 and 1.5088 are possible targets. 1.5088 looks attractive also to buyers as we can see a double bottom on H4 time frame there. 1.5290 is interim resistance and in my opinion 1.5360 should hold any rally.
The pound could be very volatile when first preliminary results are released and on hung parliament we could even see a drop to 1.4900 levels. Previous UK elections made the pair to drop by 400 pips so that is also a historical data we should take into account.
